UPDATE – Snapchat now generates 8 BILLION daily video views, the same as Facebook.
Social video – which we define as TV, publisher and brand video distributed via social networks – is already a global mass medium.
The format is moving to centre stage as the leading social networks compete to innovate a seamless video experience for their worldwide audiences.
Facebook, Twitter and Snapchat are going head-to-head to create the most compelling social video service, constantly rolling out new features such as autoplay video.
For once, it’s no exaggeration to say that this drive by the major social networks to recreate themselves as social video platforms constitutes a genuine revolution in the media sector.
In Futurescape’s view, the social video format radically transforms how digital audiences discover and engage with video content from TV networks, publishers and brands.
Social video finally delivers on the long-awaited promise of “martini media,” which is available any time, any place, anywhere, via smartphones and tablets.
Never before have consumers been able to access such huge volumes of video and digital media content just by tapping an app and swiping a smartphone screen.
Social video also adds a crucial social dimension of enabling viewers to share and respond to the content in almost real time.
It’s now vital to appreciate that people who view video via their favourite social networks are just as much “viewers” and an “audience” as anyone in front of a TV screen.
And the potential to reach mass and targeted audiences via social video is enormous.
Facebook generates 8 billion daily video views from 1.04 billion daily users.
Its young rival Snapchat also has 8 billion daily video views, a remarkable number from only 100 million daily users.
Social video distribution and viewing on this scale offer TV broadcasters, media owners, brands and agencies exciting new business, creative and audience engagement opportunities.
The social networks have set video content, consumption and engagement firmly at the heart of their audience and media content strategies.
The challenge for their media and marketing partners is to formulate commercial strategy, develop creative solutions and adapt operations for the rocketing growth of social video as a global mass medium.