The digital marketing industry has had a major impact on video advertising: new research by Forrester Analytics suggests advertisers will spend more on digital video ads than TV ads by 2023. In total, video advertising spend is expected to grow from nearly $91-billion today to nearly $103-billion by 2023. Digital marketing agencies who have yet to develop an expertise in digital video marketing must race to catch up.

Online video – which includes free and paid streaming from web-based services like Netflix, TV networks like HBO, and social media networks like YouTube – will make up 34.3 per cent of total video ad spending in 2023, up from just 21.2 per cent today. Just ten per cent of advertisers are expected to increase their TV ad budget by more than 6 per cent next year. In other words, digital video is the fuel spurring the growth of video marketing.

The video marketing industry is expected to be buoyed yet again by Facebook’s Watch, which launched globally last month. The social media network hopes the platform will be able to compete with YouTube on the strength of original entertainment, news, and sports content, Reuters reported.

“Every month more than 50 million people in the U.S. come to watch videos for at least a minute on Watch, and total time spent watching video on Facebook Watch has increased by 14 times since the start of 2018,” Facebook’s Head of Video Fidji Simo told reporters.

Between Facebook’s Watch platform, the sustained strength of YouTube, and the growth of digital video viewership, there’s never been a better time to invest in video marketing. As a Google Premier Partner digital marketing agency with access to valuable insights on Google’s preferred practices, GrowthEngine Media is prepared to address the full scope of your digital marketing needs, including any video marketing efforts you are interested in pursuing.

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