Video sharing and viewing on social media channels have increased exponentially over the past few years with rising number of views generated from apps on mobile devices.
About 5 billion videos are watched on YouTube every day. However, it is important to note that the average number of daily YouTube video views on mobile devices is 1 billion and rising. (Statistics: Fortune Lords, Sep 2016)
Snapchat and Instagram active user statistics
In April 2016, Snapchat users watch 10 billion videos a day, up from 8 billion just two months before. (Statistics: Bloomberg Businessweek, Apr 2016)
Snapchat videos or Snapchat stories are so immensely popular, it has spawned multiple versions of copycat apps.
In August 2016, Facebook-owned Instagram launched Instagram Stories and subsequently in Singapore a couple of weeks back.
Instagram Stories is similar to Snapchat Stories in the fact that a user can capture a short, "live" video of themselves and share it with their users within a time-limited frame of 24-hours, after which, the video will disappear.
According to BuzzFeed Reports in Oct 2016, Instagram Stories has 100 million active daily users, thanks to its large active user base of 500 million.
Snapchat Inc. has 150 million people using their service every day. (Statistics: Bloomberg Technology, Jun 2016)
In a report by statistics portal - Statista, 64% of surveyed Snapchat users view Snapchat Stories every week while 45% posted on the short video-sharing platform. Conversely, only 21% of Instagram users posted videos using Instagram stories while twice as many or 46% are passive viewers.
Bearing in mind that Instagram Stories is relatively new - launched approximately two months ago, the number of Stories users and viewers have been steadily increasing and would probably catch up with Snapchat's Stories user base by next year.
Related article: Getting Started with Snapchat for Brands
What you need to know about Instagram Live
One week ago, Instagram announced that they would be releasing Live video on Instagram stories - Instagram Live.
This function will be rolling out in North America and the rest of the world in the coming month.
Instagram Live is similar to livestreaming on numerous sites or apps from Tudou to Inke which is hugely popular in China.
Many brands including international ones are adopting live-streaming and using celebrities to promote their products.
69% of Beauty brands tracked by business intelligence site L2, live-stream content. At the same time, many e-commerce retailers use live-streaming to encourage impulse shopping.
For Instagram Live, users can share up to an hour of live video with their fans and the public. Unlike Facebook Live which officially launched worldwide in April this year, Instagram Live is more personal and suitable for influencers to connect with their fans on a personal level.
However, Instagram Live is still a great way for brands to host live special events to reach out to their followers.
Live videos on Instagram disappear immediately after the broadcast but can be saved for sharing on other media platforms later on.
How to Use Instagram Live for my Brand
How can your brand stand to benefit from Instagram Live when it launches next month?
Is your brand already on Instagram? If so, are you ready for Instagram Live?
If you are, what kind of plans do you have in place for Instagram Live?
Like any good social media marketing tool, Instagram Live should not be viewed as a one-off event but woven into the overall marketing strategy for a multi-pronged, impactful approach to engage with your fans and reach out to new ones.
We'd love to discuss what works and what doesn't for your brand and play a part in crafting the best strategy for you brand. Speak to us today for a bright new 2017 marketing business plan.