Some few weeks ago, Facebook Inc., the owner of Instagram announced the launch of IGTV, a video streaming platform on Instagram.
Despite the fact that Instagram was created for picture-sharing, it has morphed into a multimedia social network. Facebook said in its launch statement that its idea of IGTV was borne out of the explosive growth in the consumption of video content on the mobile Internet.
“By 2021, mobile video will account for 78% of total mobile data traffic.” “We’ve also learned that younger audiences are spending more time with amateur content creators and less time with professionals.”
The truth is, IGTV is just one of the major disruptions in the global and local media scenes. Since Netflix and YouTube became mainstream media platforms, sticky (addictive) TV viewership/consumption of video content has flipped from the conventional box in sitting rooms to smartphones, laptops and tablets.
Another angle to look at this phenomenon is that around six years ago, Internet video content used to be shorter, snippets and cut-outs that can be consumed briefly thereby losing stickiness and continuity.
On the flip side, the growth of YouTube, Netflix and even the creation of IGTV are predicated on allowing content owners to produce “longer videos and easy discoverability through channels” which in essence will continue to weaken the strength of traditional TV because people will spend more time on Instagram.
While this means more revenue for Facebook in embedded advertising and also secure its position amongst competitors; advertisers will spend more time creating and spending more money on Instagram thereby weakening TV spend.
Video contents have more engagements because they are less tasking to the audience as opposed to static content, the growth in video consumption via the mobile Internet will continue to change the way we invest in TV in its traditional form.