Nieman Foundation at Harvard
A Facebook executive said Tuesday that she expects the social platform will probably be “all video” in five years.
Videos are now viewed 8 billion times daily on Facebook, up from 1 billion a year ago, Nicola Mendelsohn, Facebook’s vice president for Europe, the Middle East, and Africa, said at a Fortune conference in London.
An average of 100 million hours of video are watched on Facebook on mobile devices daily, Fortune reported. Facebook Live video has also been “a bigger, faster phenomenon” than the company expected, saying that Live videos get 10 times as many comments than other video.
“I just think if we look already, we’re seeing a year-on-year decline on text. We’re seeing a massive increase, as I’ve said, on both pictures and video. If I was having a bet, I would say: video, video, video,” she said, no doubt terrifying touch-typists and anyone who likes to be able to scan prose more quickly than a video scrubber allows.
Facebook CEO Mark Zuckerberg is reportedly “obsessed” with live streaming, and the company has been paying news outlets such as The New York Times and BuzzFeed to use Facebook Live. The company is paying outlets $250,000 if they post 20 videos per month over a three-month period, BuzzFeed reported in April.
As Facebook continues to emphasize video — and pay outlets to produce it — we can surely expect news organizations to continue to devote resources to producing video content. However, that’s a costly endeavor: Mashable, according to a May report in The Information, was spending between $4 million and $5 million a month as it launched its video efforts last year:
Those costs were significantly higher than its annual revenue that last year reached about $40 million. In other words, Mashable was at times burning through more than $1 million a month in cash. In contrast, before it emphasized video, Mashable had made money in some months.
The company laid off 30 staffers in April, and Mashable’s revenue grew 46 percent in the first quarter, The Information said, adding that the company expects to be profitable this year.
So, one thing is clear: Facebook thinks video is the future and its pushing users, and the publishers who rely on Facebook for traffic, toward video.
“The best way to tell stories in this world where so much information is coming at us, actually is video, Mendelsohn said. “It commands so much more information in a quicker period.”
9 comments:
Why .. of course .. it is so much more fun, to take five minutes to watch a video .. when text would do it in 20 seconds .. /eye-roll/
I run Opera Lite precisely to avoid all of that crud. I’m up for ideas on other blockers to try, though, as it can be a bit slow. I’ve cut my data usage by more than half. When websites started auto-playing ads and videos, and slowing me with excessive pop-ups, I decided to ad-block everything possible. Sites that balk, and don’t work properly, just get avoided.
I’ve spent a LONG time working in print, video and on the web and every time I hear that “the future is video” prediction I know the person making it has never spent any time working with video. Video is a lousy way to convey information. It’s a great way to convey emotion. Most of life is not emotional. It is also VERY hard to do well unless you are just grabbing 45 seconds of reality. There is very little reality worth grabbing beyond the silly. Check the top new sites on the web right now — see any compelling video other than stupid pet tricks? Have any idea how much time CNN or Fox or NBC spends shooting and editing those 2 minute evening news videos? I’m certain that 20 years from now, a majority of my newsfeed in whatever replaces Facebook will NOT be video. Text is awesomely appropriate: “Prince dead” “Yankees sweep series, 4-0” “Unemployment down” — It’s low bandwidth/storage, fast, works on all devices.
Appropriately enough, this article about video’s rise over text is in need of a good copy editor.
Online is the new tv – http://www.bombtune.com/blog/online-is-the-new-tv
ROFL – “It commands so much more information in a quicker period.”
Video creates non searchable, non copy-able information that takes much longer than reading text. It’s also a barrier to entry (making video is harder than writing text), uses more bandwidth and CPU to display and is generally impossible to ‘save’ for offline viewing or archiving.
Video is good for providing a sense of place and/or emotion. It’s dreadful for actual facts.
Disclaimer : worked in TV including news channels – you only have to look at live links to reporters on the scene versus a web page or magazine to realise how little content is in the live link compared to the written word.
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