According to ReelSEO, as a nation, the U.S. watched, or started to watch, 38.2 billion videos in Q2 2014, that’s an increase of 43% year-on-year, and contributes to the massive growth of online video consumption compared to 2013. Not only are online video views up, online TV viewing increased by 388%. Monthly unique views for online TV are up by 146% year-on-year, and by an incredible 85% in the last six months alone. Here’s why this matters for the mortgage industry:
To its discredit, the mortgage industry is not using video to the fullest. In its biannual look at the state of the U.S. digital video space, Adobe’s “U.S. Digital Video Benchmark Report” indicated that videos viewed via a desktop or laptop were 3x more likely to watch a video at least three-quarters of the way through than those viewed on mobile devices.
Highlights of Adobe’s Digital Video Benchmark Report Q2 2014 include:
>> Video views via OTT devices and gaming consoles have increased by 194% in the last year.
>> Smartphones and tablets account for 26% of all online video viewing.
>> Videos watched to 25% completion on a laptop or desktop are 3x more likely to reach 75%
>> Mobile devices were responsible for 26.6% of videos starts, up from 18.6% in 2013.
Adobe are reporting a new record for the number of total online video starts for Q2 2014. The previous record has been smashed and now stands at 38.2 billion, an increase of 43% compared to the same time-period in 2013.
Drilling down further into the study reveals more impressive metrics for the industry. For instance, the number of total online video starts (which Adobe clarifies as “any browser-based, unauthenticated video start”), saw an increase in growth of 47.3% year-on-year, which Adobe calculates as a 9.4% acceleration in growth over the quarter.
Online video is becoming the norm for accessing news, sport, entertainment, resources, and advice, and any brands that fail to set a strategy for producing authentic and engaging video content will find themselves falling far behind their competitors.
So, videos can be a powerful tool in helping mortgage lenders and technology vendors alike get the word out. I came across a great example of one vendor using video well when I came across the new corporate website of LOS LendingQB. The new website is very simple and spotlights a video. What’s interesting about the video to me is that it’s short, engaging and does a great job of talking about what differentiates LendingQB from its competitors. Check it out HERE.
If more technology vendors and lenders use video this way I think they’ll be more successful in educating the market about what makes their company truly unique.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.