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Must-Know Industry Info for 2023

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Must-Know Industry Info for 2023

Streaming video is gradually overtaking broadcast TV as the media of choice for many viewers, and for good reason. It’s convenient and offers much higher levels of interaction and engagement than TV or the theater.

With that in mind, it’s no wonder that marketers are investing more budget into video streaming services. They provide an increasingly popular and effective way of reaching modern viewers and are the ideal choice for brands that want to target potential customers with laser precision.

To help support your own streaming initiatives, we’ve compiled over 50 streaming video statistics that you can use to develop your business strategy on:

 

  • General streaming video
  • Streaming video audience behavior
  • Streaming video for businesses
  • Social media streaming video
  • Mobile streaming video
  • OTT streaming video
  • Streaming video performance and optimization

 

“We still believe consumer attention is massively focused on search, social and marketplaces or retail media, but the biggest place that consumer attention has gone is obviously OTT and connected television.” (Source)

– Zach Morrison, CEO, Tinuiti

 

 

General Video Streaming Statistics

 

The live streaming industry is expected to be valued at $184.3 billion by 2027 (Grand View Research).

 

About 60% of young adults in the US primarily use online streaming to watch TV (Pew).

 

U.S. adults now spend nearly 6 hours per day watching video. The span (5:57) represents an 11-minute increase in video consumption, with 6 of those 11 minutes from TV-connected devices (Nielsen).

 

Demographics are no longer an accurate predictor of video consumption as the behavior of younger and older generations is starting to converge. 28% of older consumers (50+) have cut the cord, up from 19% in 2017 (PWC).

 

Consumers are 39% more likely to share content if it’s delivered through video (Forrester).

 

54% of consumers want to see more video content from businesses and brands they support (HubSpot).

 

Nearly half (42%) of people keep the cord (don’t cancel their cable) due to live TV. However, 30% of cable keepers said they would cut the cord if they knew they could stream all of their favorite live sports, events, and news (Adobe).

 

While video can help convert customers already on a path to purchase, it also enables a retailer’s existing customers to bring friends and family into the fold — 48% of consumers have shared a brand video on their social media profile (Forrester).

 

Nearly 80% of marketers recognize video (including TV, digital video, social video, and OTT video) as an increasingly important medium (4CInsights).

 

Video could make up as much as 90% of all 5G traffic (Intel).

 

29% of consumers would pay a premium if 5G provided “better quality video” on mobile devices and “decreased buffering while streaming video” (PWC).

 

Online videos with a start-up time greater than two seconds have significantly higher streaming video abandonment rates, with each additional second prompting another 6% of viewers to bounce (Akamai).

 

Consumers have a low tolerance for a bad stream. For many, 90 seconds is the most a viewer will tolerate a spotty stream (Techradar).

 

Live Video Marketing Statistics

 

Live content earns 27% more minutes of watch time per viewing, nearly 6 more minutes, at 24.41 minutes on average, for live video versus video on demand (slightly fewer than 18 minutes)(Conviva).

 

Users watch live video 10 to 20 times longer than on-demand content, making live streaming a powerful way to deliver interactive content (Forrester).

 

China’s live-streaming industry has more than 425 million users (CX Tech News).

 

44% of live streaming video viewers said they watch less live TV as a result of live streaming (IAB).

 

User-generated content accounts for 51% of live video content streamed on mobile (State of Digital Publishing).

 

OTT & Streaming Platform Stats

 

OTT video services delivering average, poor-quality experiences are losing as much as 25% of their revenue (Verizon).

 

For the first time, a higher percentage of US households subscribed to a streaming service (69%) than to traditional pay TV (65%) in 2021 (Deloitte).

 

Consumers struggle with finding video content: only 12% say they are able to find content on streaming platforms easily (PwC).

 

Netflix Statistics

 

Nearly one in three U.S. Netflix users said they would not drop the streaming service (Statista). 

 

8% of U.S. adults stated that they would consider subscribing to an ad-supported version of Netflix if it came at a lower price (Forrester). 

 

Netflix had nearly 231 million paid subscribers worldwide as of the fourth quarter of 2022 (Statista).

 

13% of U.S. online adults who have access to a Netflix account indicate that they’re willing to pay $2.99 more per month to legally share their Netflix account with another person in a different household (Forrester).

 

YouTube Statistics

 

Felix Baumgartner’s space jump holds the record for most concurrent views on YouTube with a viewership of 8 million (The Wrap).

 

As of January 2023, India was the country with the largest YouTube audience, with 467 million users engaging with the video platform (Statista). 

 

YouTube advertisers that were active on the platform in both Q4 2021 and Q4 2022 increased their spending by 3% YoY in Q4 2022 (Tinuiti 2022 Q4 Digital Ads Benchmark Report).

 

Disney+ Statistics

 

Disney+ added 11.8 million new subscribers in Q1 to reach 129.8 million subscribers (Techcrunch). 

 

Disney’s content spending in 2022 was estimated to be 33 billion U.S. dollars, an eight billion dollar increase, while that of Netflix was projected to be 17 billion, the same as its content spending in the previous year (Statista). 

 

Nearly one in five (18%) of US Gen Z adults indicate that they don’t currently subscribe to Disney+ but would subscribe if it were offered at a lower price with ads (Forrester). 

 

Twitch Streaming Statistics

 

55% of Twitch users are aged 18-34 (Influencer Marketing Hub).

 

Spanish-language livestreams on Twitch saw a six-fold gain in audience between 2019 and 2022 (eMarketer). 

 

In December 2022, Twitch had approximately 7.03 million active streamers (Statista). 

 

Music Streaming Statistics

 

Spotify is the world’s most popular audio streaming subscription service with 489 million users, including 205 million subscribers in more than 180 markets (Spotify). 

 

In the audio ad space, Spotify and Pandora were two of the most commonly adopted platforms by advertisers in both Q2 2021 and Q2 2022 (Tinuiti State of Streaming Report). 

 

Nearly 524 million people listen to their favorite artists or discover new ones via online streaming platforms (Statista). 

 

Podcast Streaming Statistics 

 

In 2024, experts predict the number of weekly podcast listeners in the US to increase by 5.2%, reaching 109.1 million (Oberlo). 

 

By 2025, more than 40% of people in the US will be listening to podcasts at least once per month (eMarketer). 

 

About 23% of U.S. adults say they get news, at least sometimes, from podcasts (Pew Research Center). 

 

Livestream Shopping Statistics 

 

Live commerce initiated sales could account for as much as 10 to 20 percent of all e-commerce by 2026 (McKinsey). 

 

Social commerce sales will reach $107.17 billion by 2025 (eMarketer). 

 

41.2% of consumers said they tune in to livestreams focused on home products, and 37.5% said they watch live shopping events for electronics (Retail Touchpoints). 

 

Gaming & eSports Streaming Statistics 

 

In 2022, there were 532 million esports viewers worldwide (Insider Intelligence). 

 

Together video gaming and esports will generate an estimated $184 billion in 2024, a drop of 4.3 percent year on year, after two exceptional years when the world reached for its controllers during the lockdown. The industry is projected to be worth $211 billion by 2025 (Deloitte). 

 

In 2022, users watched 411 million hours of streaming on Facebook Gaming on average per month, an increase of more than 37% from just two years prior (eMarketer). 

 

Social Media Streaming Statistics

 

52% of live video viewers stream content through social media (eMarketer).

 

YouTube is the most popular place to watch live content, with 52.0% tuning in on the platform. Facebook ranks as their second app of choice, used by 42.6% for live video, while Instagram and TikTok tie for third with 33.4% (eMarketer).

 

Twitter Live Videos

 

Around 50% of Twitter’s live video viewers are younger than 25 (Adweek).

 

From 2020 to 2021, the video watch time on Twitter increased by 30% (Twitter).

 

There are over 2 billion video views on Twitter each day (Twitter). 

 

Facebook Live

 

Facebook has paid out over $50 million to publishers and celebrities to use Facebook Live (The Wall Street Journal).

 

Daily watch time for Facebook Live broadcasts grew four times over the course of a year (Facebook).

 

The key phrase “Facebook live stream” saw a 330% increase in searches from 2016 to 2018 (Mediakix).

 

Facebook Live is the #1 live video streaming platform in the US, with 17% of the market share (True List). 

 

Instagram Reels & Stories

 

Digital marketers expect to invest most in creating Instagram Stories (66%) and news feed videos (62%). B2B marketers prioritized newsfeed videos while B2C marketers emphasized Instagram stories (Mondo).

 

In Q3 2022, Reels accounted for 4.7% and 1.9% of ad impressions on Instagram and Facebook (eMarketer). 

 

Brands earn nearly 40% more engagement with Reels compared to other Instagram content formats (Business Wire). 

 

LinkedIn Video Ads

 

According to LinkedIn, video ads earn 30% more engagement than non-video ads (Techcrunch).

 

LinkedIn members spend almost 3x more time watching video ads compared to time spent with static Sponsored Content (Techcrunch).

 

LinkedIn Ads were more effective at driving Brand Lift than other top platforms for both B2B and B2C brands (LinkedIn). 

 



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Why We Are Always ‘Clicking to Buy’, According to Psychologists

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Why We Are Always 'Clicking to Buy', According to Psychologists

Amazon pillows.

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A deeper dive into data, personalization and Copilots

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A deeper dive into data, personalization and Copilots

Salesforce launched a collection of new, generative AI-related products at Connections in Chicago this week. They included new Einstein Copilots for marketers and merchants and Einstein Personalization.

To better understand, not only the potential impact of the new products, but the evolving Salesforce architecture, we sat down with Bobby Jania, CMO, Marketing Cloud.

Dig deeper: Salesforce piles on the Einstein Copilots

Salesforce’s evolving architecture

It’s hard to deny that Salesforce likes coming up with new names for platforms and products (what happened to Customer 360?) and this can sometimes make the observer wonder if something is brand new, or old but with a brand new name. In particular, what exactly is Einstein 1 and how is it related to Salesforce Data Cloud?

“Data Cloud is built on the Einstein 1 platform,” Jania explained. “The Einstein 1 platform is our entire Salesforce platform and that includes products like Sales Cloud, Service Cloud — that it includes the original idea of Salesforce not just being in the cloud, but being multi-tenancy.”

Data Cloud — not an acquisition, of course — was built natively on that platform. It was the first product built on Hyperforce, Salesforce’s new cloud infrastructure architecture. “Since Data Cloud was on what we now call the Einstein 1 platform from Day One, it has always natively connected to, and been able to read anything in Sales Cloud, Service Cloud [and so on]. On top of that, we can now bring in, not only structured but unstructured data.”

That’s a significant progression from the position, several years ago, when Salesforce had stitched together a platform around various acquisitions (ExactTarget, for example) that didn’t necessarily talk to each other.

“At times, what we would do is have a kind of behind-the-scenes flow where data from one product could be moved into another product,” said Jania, “but in many of those cases the data would then be in both, whereas now the data is in Data Cloud. Tableau will run natively off Data Cloud; Commerce Cloud, Service Cloud, Marketing Cloud — they’re all going to the same operational customer profile.” They’re not copying the data from Data Cloud, Jania confirmed.

Another thing to know is tit’s possible for Salesforce customers to import their own datasets into Data Cloud. “We wanted to create a federated data model,” said Jania. “If you’re using Snowflake, for example, we more or less virtually sit on your data lake. The value we add is that we will look at all your data and help you form these operational customer profiles.”

Let’s learn more about Einstein Copilot

“Copilot means that I have an assistant with me in the tool where I need to be working that contextually knows what I am trying to do and helps me at every step of the process,” Jania said.

For marketers, this might begin with a campaign brief developed with Copilot’s assistance, the identification of an audience based on the brief, and then the development of email or other content. “What’s really cool is the idea of Einstein Studio where our customers will create actions [for Copilot] that we hadn’t even thought about.”

Here’s a key insight (back to nomenclature). We reported on Copilot for markets, Copilot for merchants, Copilot for shoppers. It turns out, however, that there is just one Copilot, Einstein Copilot, and these are use cases. “There’s just one Copilot, we just add these for a little clarity; we’re going to talk about marketing use cases, about shoppers’ use cases. These are actions for the marketing use cases we built out of the box; you can build your own.”

It’s surely going to take a little time for marketers to learn to work easily with Copilot. “There’s always time for adoption,” Jania agreed. “What is directly connected with this is, this is my ninth Connections and this one has the most hands-on training that I’ve seen since 2014 — and a lot of that is getting people using Data Cloud, using these tools rather than just being given a demo.”

What’s new about Einstein Personalization

Salesforce Einstein has been around since 2016 and many of the use cases seem to have involved personalization in various forms. What’s new?

“Einstein Personalization is a real-time decision engine and it’s going to choose next-best-action, next-best-offer. What is new is that it’s a service now that runs natively on top of Data Cloud.” A lot of real-time decision engines need their own set of data that might actually be a subset of data. “Einstein Personalization is going to look holistically at a customer and recommend a next-best-action that could be natively surfaced in Service Cloud, Sales Cloud or Marketing Cloud.”

Finally, trust

One feature of the presentations at Connections was the reassurance that, although public LLMs like ChatGPT could be selected for application to customer data, none of that data would be retained by the LLMs. Is this just a matter of written agreements? No, not just that, said Jania.

“In the Einstein Trust Layer, all of the data, when it connects to an LLM, runs through our gateway. If there was a prompt that had personally identifiable information — a credit card number, an email address — at a mimum, all that is stripped out. The LLMs do not store the output; we store the output for auditing back in Salesforce. Any output that comes back through our gateway is logged in our system; it runs through a toxicity model; and only at the end do we put PII data back into the answer. There are real pieces beyond a handshake that this data is safe.”

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Why The Sales Team Hates Your Leads (And How To Fix It)

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Why The Sales Team Hates Your Leads (And How To Fix It)

Why The Sales Team Hates Your Leads And How To

You ask the head of marketing how the team is doing and get a giant thumbs up. 👍

“Our MQLs are up!”

“Website conversion rates are at an all-time high!”

“Email click rates have never been this good!”

But when you ask the head of sales the same question, you get the response that echoes across sales desks worldwide — the leads from marketing suck. 

If you’re in this boat, you’re not alone. The issue of “leads from marketing suck” is a common situation in most organizations. In a HubSpot survey, only 9.1% of salespeople said leads they received from marketing were of very high quality.

Why do sales teams hate marketing-generated leads? And how can marketers help their sales peers fall in love with their leads? 

Let’s dive into the answers to these questions. Then, I’ll give you my secret lead gen kung-fu to ensure your sales team loves their marketing leads. 

Marketers Must Take Ownership

“I’ve hit the lead goal. If sales can’t close them, it’s their problem.”

How many times have you heard one of your marketers say something like this? When your teams are heavily siloed, it’s not hard to see how they get to this mindset — after all, if your marketing metrics look strong, they’ve done their part, right?

Not necessarily. 

The job of a marketer is not to drive traffic or even leads. The job of the marketer is to create messaging and offers that lead to revenue. Marketing is not a 100-meter sprint — it’s a relay race. The marketing team runs the first leg and hands the baton to sales to sprint to the finish.

​​

via GIPHY

To make leads valuable beyond the vanity metric of watching your MQLs tick up, you need to segment and nurture them. Screen the leads to see if they meet the parameters of your ideal customer profile. If yes, nurture them to find out how close their intent is to a sale. Only then should you pass the leads to sales. 

Lead Quality Control is a Bitter Pill that Works

Tighter quality control might reduce your overall MQLs. Still, it will ensure only the relevant leads go to sales, which is a win for your team and your organization.

This shift will require a mindset shift for your marketing team: instead of living and dying by the sheer number of MQLs, you need to create a collaborative culture between sales and marketing. Reinforce that “strong” marketing metrics that result in poor leads going to sales aren’t really strong at all.  

When you foster this culture of collaboration and accountability, it will be easier for the marketing team to receive feedback from sales about lead quality without getting defensive. 

Remember, the sales team is only holding marketing accountable so the entire organization can achieve the right results. It’s not sales vs marketing — it’s sales and marketing working together to get a great result. Nothing more, nothing less. 

We’ve identified the problem and where we need to go. So, how you do you get there?

Fix #1: Focus On High ROI Marketing Activities First

What is more valuable to you:

  • One more blog post for a few more views? 
  • One great review that prospective buyers strongly relate to?

Hopefully, you’ll choose the latter. After all, talking to customers and getting a solid testimonial can help your sales team close leads today.  Current customers talking about their previous issues, the other solutions they tried, why they chose you, and the results you helped them achieve is marketing gold.

On the other hand, even the best blog content will take months to gain enough traction to impact your revenue.

Still, many marketers who say they want to prioritize customer reviews focus all their efforts on blog content and other “top of the funnel” (Awareness, Acquisition, and Activation) efforts. 

The bottom half of the growth marketing funnel (Retention, Reputation, and Revenue) often gets ignored, even though it’s where you’ll find some of the highest ROI activities.

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Most marketers know retaining a customer is easier than acquiring a new one. But knowing this and working with sales on retention and account expansion are two different things. 

When you start focusing on retention, upselling, and expansion, your entire organization will feel it, from sales to customer success. These happier customers will increase your average account value and drive awareness through strong word of mouth, giving you one heck of a win/win.

Winning the Retention, Reputation, and Referral game also helps feed your Awareness, Acquisition, and Activation activities:

  • Increasing customer retention means more dollars stay within your organization to help achieve revenue goals and fund lead gen initiatives.
  • A fully functioning referral system lowers your customer acquisition cost (CAC) because these leads are already warm coming in the door.
  • Case studies and reviews are powerful marketing assets for lead gen and nurture activities as they demonstrate how you’ve solved identical issues for other companies.

Remember that the bottom half of your marketing and sales funnel is just as important as the top half. After all, there’s no point pouring leads into a leaky funnel. Instead, you want to build a frictionless, powerful growth engine that brings in the right leads, nurtures them into customers, and then delights those customers to the point that they can’t help but rave about you.

So, build a strong foundation and start from the bottom up. You’ll find a better return on your investment. 

Fix #2: Join Sales Calls to Better Understand Your Target Audience

You can’t market well what you don’t know how to sell.

Your sales team speaks directly to customers, understands their pain points, and knows the language they use to talk about those pains. Your marketing team needs this information to craft the perfect marketing messaging your target audience will identify with.

When marketers join sales calls or speak to existing customers, they get firsthand introductions to these pain points. Often, marketers realize that customers’ pain points and reservations are very different from those they address in their messaging. 

Once you understand your ideal customers’ objections, anxieties, and pressing questions, you can create content and messaging to remove some of these reservations before the sales call. This effort removes a barrier for your sales team, resulting in more SQLs.

Fix #3: Create Collateral That Closes Deals

One-pagers, landing pages, PDFs, decks — sales collateral could be anything that helps increase the chance of closing a deal. Let me share an example from Lean Labs. 

Our webinar page has a CTA form that allows visitors to talk to our team. Instead of a simple “get in touch” form, we created a drop-down segmentation based on the user’s challenge and need. This step helps the reader feel seen, gives them hope that they’ll receive real value from the interaction, and provides unique content to users based on their selection.

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So, if they select I need help with crushing it on HubSpot, they’ll get a landing page with HubSpot-specific content (including a video) and a meeting scheduler. 

Speaking directly to your audience’s needs and pain points through these steps dramatically increases the chances of them booking a call. Why? Because instead of trusting that a generic “expert” will be able to help them with their highly specific problem, they can see through our content and our form design that Lean Labs can solve their most pressing pain point. 

Fix #4: Focus On Reviews and Create an Impact Loop

A lot of people think good marketing is expensive. You know what’s even more expensive? Bad marketing

To get the best ROI on your marketing efforts, you need to create a marketing machine that pays for itself. When you create this machine, you need to think about two loops: the growth loop and the impact loop.

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  • Growth loop — Awareness ➡ Acquisition ➡ Activation ➡ Revenue ➡ Awareness: This is where most marketers start. 
  • Impact loop — Results ➡ Reviews ➡ Retention ➡ Referrals ➡ Results: This is where great marketers start. 

Most marketers start with their growth loop and then hope that traction feeds into their impact loop. However, the reality is that starting with your impact loop is going to be far more likely to set your marketing engine up for success

Let me share a client story to show you what this looks like in real life.

Client Story: 4X Website Leads In A Single Quarter

We partnered with a health tech startup looking to grow their website leads. One way to grow website leads is to boost organic traffic, of course, but any organic play is going to take time. If you’re playing the SEO game alone, quadrupling conversions can take up to a year or longer.

But we did it in a single quarter. Here’s how.

We realized that the startup’s demos were converting lower than industry standards. A little more digging showed us why: our client was new enough to the market that the average person didn’t trust them enough yet to want to invest in checking out a demo. So, what did we do?

We prioritized the last part of the funnel: reputation.

We ran a 5-star reputation campaign to collect reviews. Once we had the reviews we needed, we showcased them at critical parts of the website and then made sure those same reviews were posted and shown on other third-party review platforms. 

Remember that reputation plays are vital, and they’re one of the plays startups often neglect at best and ignore at worst. What others say about your business is ten times more important than what you say about yourself

By providing customer validation at critical points in the buyer journey, we were able to 4X the website leads in a single quarter!

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So, when you talk to customers, always look for opportunities to drive review/referral conversations and use them in marketing collateral throughout the buyer journey. 

Fix #5: Launch Phantom Offers for Higher Quality Leads 

You may be reading this post thinking, okay, my lead magnets and offers might be way off the mark, but how will I get the budget to create a new one that might not even work?

It’s an age-old issue: marketing teams invest way too much time and resources into creating lead magnets that fail to generate quality leads

One way to improve your chances of success, remain nimble, and stay aligned with your audience without breaking the bank is to create phantom offers, i.e., gauge the audience interest in your lead magnet before you create them.

For example, if you want to create a “World Security Report” for Chief Security Officers, don’t do all the research and complete the report as Step One. Instead, tease the offer to your audience before you spend time making it. Put an offer on your site asking visitors to join the waitlist for this report. Then wait and see how that phantom offer converts. 

This is precisely what we did for a report by Allied Universal that ended up generating 80 conversions before its release.

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The best thing about a phantom offer is that it’s a win/win scenario: 

  • Best case: You get conversions even before you create your lead magnet.
  • Worst case: You save resources by not creating a lead magnet no one wants.  

Remember, You’re On The Same Team 

We’ve talked a lot about the reasons your marketing leads might suck. However, remember that it’s not all on marketers, either. At the end of the day, marketing and sales professionals are on the same team. They are not in competition with each other. They are allies working together toward a common goal. 

Smaller companies — or anyone under $10M in net new revenue — shouldn’t even separate sales and marketing into different departments. These teams need to be so in sync with one another that your best bet is to align them into a single growth team, one cohesive front with a single goal: profitable customer acquisition.

Interested in learning more about the growth marketing mindset? Check out the Lean Labs Growth Playbook that’s helped 25+ B2B SaaS marketing teams plan, budget, and accelerate growth.


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