The Story:
Video is now the dominant type of content consumed on social media, occupying more than half of people’s total time spent on social platforms, according to new data. And experts project that number to grow even more, up to 56.5% by 2024. Video is so compelling that the two prominent platforms – YouTube and TikTok – collectively reach more than three billion users worldwide. As competitors scramble to keep up, Instagram is putting greater emphasis on its Reels module with mixed results, so far.
The Takeaway:
We’re entering an era where social media is evolving to be less about text, images, likes and comments, and more focused on storytelling through video. In this new landscape, where advertiser and editorial content blend together seamlessly, FIs will look to incorporate even more video stories into their social strategies. Partnering with influencers – who already have built-in audiences on YouTube, TikTok and Instagram – is one effective tactic for reaching customers and prospects with video.
Sources: Insider Intelligence, “What’s ‘Up Next’ for YouTube,” June, 2022, and Social Media Today, “Brands are Driving Higher Reach and Engagement by Posting Instagram Reels,” September, 2022