Facebook has been dominating the social media world for quite some time now. However, it seems that Snapchat is closing the gap, particularly for video. Snapchat, a messaging app, stated that, since May, their daily video views have tripled to 6 billion. Facebook announced just last week that they have 8 billion daily views.
During its third-quarter earnings call Wednesday night, CEO Mark Zuckerberg said the platform is generating 8 billion video views per day. A view, to Facebook, counts as someone tuning into a video for at least three seconds.
While this is also impressive, and a doubling of the figures since April, it is less impressive than Snapchat. This is mainly because Snapchat uses only mobile technology and is much smaller in size. Plus, they tripled their views in a time period that is actually one month shorter. Meanwhile, although Snapchat has confirmed that they now have 6 billion views, they have not yet released any information in terms of how they have achieved that.
We know that one of the most popular social networking activities is watching videos. Analysts are predicting that digital video advertising is going to grow tremendously, and this means that the race is well and truly on. A video clip has the potential to be an important revenue source, particularly because it has already been shown that the rates are higher for video than what they are for static text or images. Mark Zuckerberg himself commented on this recently during the latest earnings call.
Over the next few years, video is going to be some of the most engaging content online, and by continuing to innovate here, we have a chance to build the best place to watch and share videos.
In September, Facebook started testing a new page that would be dedicated solely to video within the app. Around 1.5 million businesses used Facebook to post videos during that same month. Now, Facebook wants to beat YouTube in terms of views. YouTube has over one billion active users (like Facebook), and they generate billions of views each and every day. Snapchat, by comparison, only has around 100 million users, yet they are still generating a huge number of video views.
It is difficult to draw a real comparison, however, as YouTube looks at hours spent on their site. Facebook classes a video as ‘viewed’ if someone stays on it for at least three seconds. Snapchat, meanwhile, will charge an advertiser for any video that plays at all, regardless of its length. And, on Snapchat, most videos are considerably shorter than elsewhere.
Various marketing agencies are forecasting a huge growth in digital revenue. According to eMarketer, it will be a 42% leap to $7.5 billion. Forrester Research has taken their data slightly further into the future, estimating a total revenue of $12.6 billion by 2019.
According to Zuckerberg, there has also been a significant change in the types of videos that people access on digital platforms. They are very different from the videos that people are familiar with on television. As a result, producers have to change their output. Again, this is something Zuckerberg highlighted during the earnings call.
The more interesting question is not in the near term what we’re going to do to develop ways to consume long form content, but what traditional media and content producers who have traditionally produced long form content are going to do to chunk their stuff up better, so that way it can be more easily consumed by this big community online. We’re just so early in this right now. It’s pretty amazing how quickly it’s growing, but there’s a lot more to do.