Worldwide mobile video revenues will reach US$25 billion by 2021, driven by advertisers trying to reach smartphone and tablet users, according to Strategy Analytics.
The research firm’s ‘Global Mobile Video Forecast: 2010-2021’ report claims that the number of people accessing video via mobile devices will more than double to 2 billion by the end of 2022 – some 36% penetration among global mobile users.
It also noted that social platforms like Facebook, Twitter and WeChat are increasingly looking to video to increase user engagement rates and predicted these will offer potential for monetisation in future.
“The strongest growth in mobile video revenue will come from advertising-funded content as advertisers look to catch up with the increasing quantity of video consumption. Advertising spending on mobile video will grow at a 28% compound annual growth rate (CAGR) in the next five years,” said Wei Shi, Strategy Analytics analyst, wireless media strategies.
Nitesh Patel, director, Strategy Analytics, added: “Despite growing video consumption on mobile devices, advertiser expenditure on mobile video has yet to catch-up with this growth. Furthermore, new modes of mobile video services such as live streaming platforms like Periscope and Facebook Live are focused on building audience before revenue.
“Currently, social networks have launched live video streaming as a tool to increase user engagement and to extend the time spent by users while inside of social networks, but we expect direct monetisation to follow.”
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