As more and more people are taking an interest in videos, the market for video production is booming throughout the world. Be it animation or live-action, both have become an integral part of businesses’ marketing strategies worldwide. And the craze is only going to increase with the trends shifting toward visual content.
But will this major shift affect Malaysia equally? Or if yes, what progress can we expect in the video production market in the future? This, and much more, we will be discussing in this rather detailed article about the future progressions we will witness in video production in and beyond 2022.
So without any ado, let’s look at what the future holds!
- The importance of video marketing will increase nationwide:
Just in case you don’t know, Malaysia is currently the biggest video-consuming country in South Asia, with more than 94% of social media traffic captured by Youtube alone. On average, a Malaysian individual spends about 7.2 hours watching videos every single week.
If we look at these statistical facts from a more general perspective, we find out that this shift in trend is not only limited to Malaysia. It’s a worldwide phenomenon that is specifically interconnected with general consumer behavior.
With the average attention span of individuals shrinking and their life getting busier and more stressful, they simply lack the stamina to read or listen to some random ad. Thus, the most natural thing is to go for a video that is equally entertaining and educational while fully engaging throughout its span.
But in all this chaos, where do the marketers stand? Well, the answer is simple. As long as they mold their campaigns to the trend, they will do pretty well in the market. And the current trend is simply video marketing.
Whether it’s a business inside or outside Malaysia, the fact that consumers prefer video over anything else is a clear sign that the importance of video marketing is going to increase in the near future.
Moreover, If we get a bit more specific about which type of video will capture most of the video production market, it would be animation. The reason behind that is simple. People seek convenience in everything, from tying their shoelaces to watching content on social media. And that convenience is just what animation is all about.
Due to the unlimited creative abilities, animation has the power to break down the longest and most complicated topic into a simple 1-2 minute video. That, too, while keeping everything nice and fun, two most crucial aspects of a highly successful marketing video.
Anyways, from all the metrics we have currently, the future of video marketing is bright in Malaysia and worldwide, and it’s going to be one of the biggest brand makers in the near future.
- Demand for video is at an all-time high after lockdowns:
“The COVID situation in the country greatly impacted how an average Malaysian consumes content. With people locked into their houses, we saw an enormous increase in visual content consumption that somehow reflects in user habits even after the lockdown. Ironically, that’s one of the reasons why the value of the video production market peaked in 2020, and the increase in value afterward”, says Sheryl Chung, the Managing Director of Kasra Design. (Kasra Design is a Malaysian animation company).
Well, we must say, that’s something hard to disagree with. In fact, we saw a worldwide increase in video consumption during and after the lockdown. And from the direction we are witnessing in the light of current statistics, this demand will only increase over time.
- Growth in Influencer Marketing is apparent:
You may know or not, but more than 70% of Malaysian teenagers trust influencer opinions over any mainstream celebrity. Or if we get a bit more industry-specific, let’s say, to beauty products, then about 86% of the most-viewed beauty product videos on Youtube were made by the influencers, compared to 14% made by the brands themself.
Moreover, about 57% of the beauty and fashion companies use influencers as a primary part of their overall video marketing strategies, with an ROI of $6.50 for every $1 spent on influencer marketing. Guess what? The craze about influencer marketing is real. And that’s just one industry that I mentioned.
There are countless other products that businesses promote through influencers. From tech giants like Samsung to shoe companies like Nike and anyone in between, everyone is leveraging the trend. Again, to make this point concrete, we have to open ourselves to a more global take on the matter.
In the past few years, influencer marketing has seen an enormous increase in popularity. The particular industry soared to a whopping value of $13.8 billion in 2021 alone, with the value forecasted to expand to 16.4 billion in 2022. Moreover, the search for “influencer marketing” is growing by 5000% each passing month.
That being said, with over 482 million Southeast Asian users on social media, the influencers are bound to reign supreme, with Malaysia being no exception. Especially as social media gets more and more popular among the masses.
The bottom line is that as long as the consumption of social media content increases in Malaysia, the influencers on the platforms will thrive alongside. Thus, more and more companies will want to leverage their huge following, ultimately promoting influencer marketing.
- More growth is expected with industries back in action
With the lockdowns being lifted and more and more industries resuming their activities, the demand for videos is increasing with each passing day. Thanks to the whopping statistics, marketers in the country have now identified the impact that videos can have on their prospects.
With the trend touching its peak, now is the best time to leverage the opportunity. Also, with the growing number of TikTok savvy Gen Z in Malaysia, we can safely say that the video production market will only rise in the country.
No matter which industry we talk about, video has been an essential part of its marketing strategy for as long as we know. The same holds true for Malaysian companies, especially with the increased and easy internet access to the local users and the general popularity of video.
Keeping that into account, we shared some important forecasts with you regarding the growth of the video industry in Malaysia in the near future, accompanied by some statistical facts to back up our claims. Now you know what the future holds for you as far as the marketing trends are concerned.
That being said, we hope this article helps you craft an effective video marketing strategy for your future business endeavors. See you again!