Foresight Factory CEO and Co-owner Meabh Quoirin and Unruly’s SVP Insight, Ian Forrester will take to the stage at Spikes Asia this Thursday to explore the emerging trends, cultural factors, innovation and emotional relationships underpinning Asian consumers’ willingness to interact with video now and over the next five years.
The end of video advertising as we know it?
The term ‘disruption’ seems to be inherently negative. But while it can threaten traditional models and force established landscapes to change, disruption also brings exciting opportunities. By 2020, video will be the most consumed content type, but just as it reaches dominance is it also set to have its crown challenged?
Video looks set to be confronted by a range of new technologies such as wearables, voice commands and AI assistants, all of which are pushing us into a new web era where consumers are less tethered to their smartphone screens. Specifically, in a content-saturated, tech-driven region like Asia, how will the trends driving the future of video be received?
Unruly’s recent Future Home Survey across APAC found that consumers in South-East Asia appear to be more comfortable than their global counterparts with connected technology entering their homes and becoming a bigger part of their lives. For example, 42% of consumers in Malaysia are excited about the prospect of connected technology entering their households, versus a global average of 23%.
Foresight Factory’s global consumer survey highlights several consumer tech trends that look set to disrupt video as we know it, particularly in South-East Asia. But are they actually opportunities for video advertisers? Ahead of Thursday’s presentation, we’ll take a quick look at a couple…
Live is the new authentic
The spontaneity of livestream video is setting a new standard in authenticity. The high production budget and slick editing that currently characterises vlogs will soon seem inauthentic, while the rise of candid moments in real-time will become the upgraded definition of what’s genuine. And, although livestreaming is native to video content, the narrative behind it is starkly different to what brands are used to. Perhaps that’s the very reason consumers find the rise of this disruptive trend so refreshing.
If this raw on-the-go-format could represent the new frontier for what is considered authentic, it poses a difficult scenario for brands – how do they allow for real-time advocacy without the comfort of rehearsal, control and guided aesthetic? Nervous territory indeed for brands. Could UGC video become the next step in branded content, with brands rewarding advocated that portray a product with the desired emotion – for example happiness with Coca-Cola or playfulness with Nissan?
Personalised interaction via chat removes friction on the path to purchase but shifts us to text-based brand exposure, reducing the visibility of video. Commercial use of chat is on the rise: Foresight Factory research shows that 48% of consumers in South-East Asia use messenger services to speak to customer service on a weekly basis. That’s over 10% more than the global average. When it comes to how this will affect video consumption, analysis showed the increase in interest in chatbots could potentially reduce traditional advertising and video content as consumers shift to chat-based platforms.
Of course, this doesn’t spell the end all for video content on instant messaging platforms. Consumers still desire ‘conversational commerce’ – an emotionally engaging chat that makes a purchase feel more personalised. Until AI can recreate authentic emotion in chatbots, video clips remain a very effective means of injecting some emotion into a conversation.
What do you think of these disruptors to the future of video? Join our presentation Unruly and Foresight Factory: The End of Video Advertising As We Know It? at Spikes Asia on the In Focus stage on Thursday, 28th September at 3pm and uncover surprising insights about the media content diet of consumers in Asia, and the impact on businesses invested in video.