Youtube Crosses 1 Billion Hours/Day of Video Consumption; Set to Overtake TV Numbers
Google has announced that Youtube viewership figures continue to see high growth and have now crossed the milestone of 1 billions hours per day. The amount of video footage watched on YouTube has passed 1 billion hours a day, YouTube said in an official blog post. A number which would take a single person over 100,000 years to watch. First reported by the Wall Street Journal, these figures represent a 10x increase in five years.
Compared with Nielsen data on shrinking TV numbers, currently at 1.25 billion hours/day, it seems a matter of time that Youtube becomes the most watched video platform. It’s no surprise then that digital video advertising is booming, with spending expected to double to $14.38 billion by 2019.
Most industry analysts agree that we are heading towards a post-television future, where people will watch short-form content on Youtube and Facebook, while long-form on demand video is consumed on services like NetFlix and Amazon Prime. The end of live TV cable networks with linear programming could leave a big opportunity for bundling short-form, live video for internet consumption.
Jon Steinberg, CEO of millenial digital video company Cheddar, in a recent essay, has talked about the opportunity in “ambient content” – defined by him as live video content that’s perfect for casual watching, specially in areas like news, sports, food and fashion. He goes on to add that the traditional “major cable networks” have established trust and brand loyalty which attracts “intentional viewers,” and millions in revenue advertisers. Viral media despite massive viewership figures, fail to attract these kind of advertisers, thanks to the lack of loyalty and trust.
The stage is set for the rise of these post-cable-networks – online providers who work with content creators to bundle live programming for internet consumers. This leaves the space open for the growth of premium content on digital video platforms like Youtube and new “post-cable” digital networks like SlingTV and DirecTV. Youtube looks to be in prime position to dominate a post-television digital video market.