Who will take YouTube's throne, ten years after its debut video?
In the world of entertainment, the past decade has seen a significant shift towards online video streaming. This transformation has been driven by a variety of factors, including the rise of new market entrants and the evolving needs of consumers.
Newcomers such as Netflix, Amazon, and BlinkBox have capitalised on the potential of IP-connected devices to capture and utilise consumer data, positioning themselves as strong contenders in the video streaming market. Tech giants like Microsoft, with its Azure Video Analyzer Premium, and Amazon Web Services, with the launch of AWS Surveillance Manager, are also aiming to make their mark over the next ten years. Companies enhancing AI capabilities, such as Genetec and Hanwha Vision, are also contributing to this evolution with their advancements in video analytics and management.
The landscape of streaming is further influenced by smart TV manufacturers integrating streaming services and AI-driven interfaces. Companies like TCL, Samsung, Sony, and LG are all significant new participants in this ecosystem.
However, the journey has not been without challenges. Issues with mobile video viewing, such as buffering or distortions during play, have been reported by a significant number of consumers.
Traditional broadcasters have seized this opportunity to deliver quality content and support for video-over-the-internet services. This shift was marked by Google's acquisition of YouTube from its ex-PayPal founders for $1.65 billion in stock a year later, in 2006. Ten years ago today, the first video was uploaded to YouTube by co-founder Jawed Karim.
YouTube's userbase now comprises over a seventh of the world's population. The platform has singlehandedly carved out the video entertainment industry online and has become the world's default repository for videos. As of 2015, over 300 hours of video are uploaded to YouTube every minute.
Consumers are willing to pay for an online video service that offers greater content variety, less advertising, and better video quality. This trend is reflected in YouTube's success, which has seen its billion-plus users spend 50% more hours watching content year-on-year, with over half of all views on mobile devices.
The consumption of short-form video content on IP-connected devices is also on the rise on YouTube. This shift was not always expected, given the limited online video adoption a decade ago due to a lack of standard for video playback, low broadband usage, and difficulty in sharing videos online.
As the industry evolves, experts advise established brands to invest aggressively in multi-device platforms, secure partnerships in the mobile space, and build new capabilities to create a more intimate relationship with their audience. The relentless focus on consumer optimization is likely to have an impact on all elements of a broadcaster's business, including content decision-making, implementing converged operating models, and exploiting the data advantage.
Using data insight to understand consumers and making decisions centred on consumer insights will be increasingly key to success for the broadcasting industry. The future leaders in media and entertainment will be those who can tailor their content and services to the new reality influenced by consumer preferences.
Interestingly, 89% of consumers watch long-form video on mobile devices. YouTube, which receives around 4 billion views a day and is available in 61 languages, has become a testament to this trend. The first video, named 'Me at the zoo', has seen over 19 million hits and 130,000 comments.
As we look towards the future, it is clear that the video streaming landscape will continue to evolve, with consumer preferences and technological advancements shaping its direction.
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