Sri Lanka is now a video-first internet market

By Mohenesh Chamith Buthgumwa“An image is value a thousand phrases” – this phrase originated in America within the early 1900s. It’s generally attributed to Frederick R. Barnard, an promoting government, though different referrals to its origin additionally exist. Nevertheless, there are a number of fashionable analysis information sources that speak about this assertion. Even although textual content nonetheless has significance in advertising, analysis proves that visuals are a far simpler methodology of engagement and conversion. Of the small print our brains course of, 90% is visible, and the human mind processes photographs 60,000 instances sooner than textual content, the place people keep in mind 80% of what they see, in comparison with 10% of what they hear and 20% of what they learn. Local video adaptationThree years in the past, most new information customers would begin with messaging, do a textual content search, proceed to social platforms, and solely a couple of courageous ones would eat video on a cellular community. However, Sri Lanka is now a video-first internet market, and 70-80% of all information consumption occurs on video. Just a few years in the past, chatting with a few widespread YouTubers, they talked about to me that followers had been particular on what platforms they bought to see their favorite YouTubers’ content material. For some cause, the lots of Sri Lanka felt viewing the identical video on YouTube as an alternative of on Facebook would eat extra information. Social video platforms equivalent to TikTok noticed fast adoption in the course of the first part of the pandemic, with common each day utilization minutes already at 38 minutes in Sri Lanka, the place a platform equivalent to Facebook is at 34. Diversity in materials and the kind of builders that had been creating content material on the platform went from simple choices (dance-based) to a selection round cooking, DIY, and schooling, finally leading to mass video consumption within the type of 15-second dopamine photographs.Over the previous yr, video has became one of the crucial essential sources of house leisure and discovery. Video viewing in Sri Lanka is totally on smartphone units, and we’ll proceed to see cellular consumption develop as the result of a rising center class inhabitants consuming content material in sport, gaming and OTT, and residential leisure. In the long run, matching the regular enhance of cellular consumption with the rise of streaming companies like Netflix, Spotify, and Amazon, will proceed to see fast streaming development on linked and cellular units. There are round 7.5 million month-to-month energetic customers that come to the YouTube platform in Sri Lanka on a month-to-month foundation, and out of this 5 million go to the platform each day. This quantity has been rising steadily within the final couple of months and at current numbers could possibly be a lot larger. The world common of on-line video viewing in 2020 jumped 400% to 4 hours and three minutes per day from a single-hour common, as talked about within the State of Online Video 2019 research. Not solely did the variety of people watching video witness a spike, however they’re additionally doing it on a extra frequent foundation.The Covid-19 increaseThe Covid-19 pandemic has pressed streaming past house leisure and information. People are more and more utilising on-line video to get in contact with others and get essential data utilizing social media, video chatting, and different on-line modes of communication. This yr, below extraordinary situations, communities discovered strategies to hyperlink, join, and develop via platforms equivalent to WhatsApp and Zoom, and assist teams on Facebook. Live Facebook viewership jumped 50% as leisure and tradition moved on-line as soon as the lockdown guidelines had been put in place. Some genres had been extra noticeable than others, together with meals, health, and leisure. Creativity grew on platforms equivalent to Facebook and YouTube, with DIY courses, portray and adorning, in addition to live shows, maintaining folks amused.Demographics and SelectionThe audiences on platforms equivalent to Facebook and YouTube are extraordinarily diverse. We may see content material various throughout classes, be it comedy, trend, leisure, or sports activities, linking effectively with the viewers. While on-line video consumption elevated throughout all age teams, adoption sped up in older demographics and schoolchildren. Online video consumption alternative diverse significantly by age too. People aged 18-25 spent extra time participating in watching others play video games, on-line chat, discovering, and social media than different age teams. Those over 60 watch extra information and hang around viewing sports activities. News is seen the least by respondents between the ages of 18-35. Beyond house leisure and social interactions, video makes it attainable for easier entry to essential data. Doctor appointments have additionally moved to apps equivalent to oDoc and WhatsApp. This is one other instance of a behaviour that may proceed long run past Covid.Video on DemandThe recognition of “Subscription Video on Demand” (SVOD) companies continues to develop. Fast adaptation could be seen in tier-one cities within the Western Province of Sri Lanka. Platforms equivalent to Netflix are main the cost, whereas regional and native gamers have likewise entered into the market. For subscription-based companies, it’s pretty frequent that price is a essential barrier to adoption. While SVOD has witnessed a rise within the final yr, AVOD (advertising-based video on demand) will proceed to be the most-watched video platform for a foreseeable future. Videos considered on AVOD platforms are shorter than SVOD materials. Most of the AVOD content material has a length of fewer than 10 minutes, whereas the majority of the SVOD content material has a length of quarter-hour to roughly one hour.Gaming on overdriveUnlike console gaming, smartphones have introduced budget-friendly gaming to customers with out the issue of proudly owning expensive {hardware}. With extra inexpensive cellphones, internet connectivity, and localised language video games, Sri Lanka will seemingly see a large spike in on-line gaming and streaming. The gaming enterprise mannequin has transitioned from a mannequin relying on obtain volumes and commercials to one thing with diverse earnings streams constructed on client engagement and raised expertise ranges. Sri Lanka’s on-line gaming market is now a severe enterprise and could possibly be the following largest social community. Business alternative Because of accelerating display screen sizes, social networks apps, and premium shows, an rising number of shoppers are choosing to observe movies on their telephones. The rising recognition of vertical movies on varied platforms is one other issue that contributes to cellular video development. Vertical movies are turning out to be a content material format that’s rather more participating. It’s the one format that covers a massive a part of the cellular show reasonably than a horizontal video format. Video advertising is actually right here to remain. It’s essential for manufacturers right now to capitalise on this type of content material advertising to ensure they keep related in right now’s extremely aggressive media panorama. Video serves as a wonderful and impactful manner for manufacturers to speak their designated messages to their goal market. Visual supply of a message is consistently simpler, and video advertising maximises that.(The author is the Vice President at Isobar. He’s the best globally and regionally awarded digital marketer in Sri Lanka. During the previous 5 years, he has bagged 80-plus world and native awards. And his lecturing efforts have helped over 5,000 college students and enterprise house owners embrace digital advertising)

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