More than half of Australia’s media agencies plan to buy VR digital video, AOL study suggests
More than half of Australia’s media agencies are buying or planning to buy virtual reality digital video, a new study by AOL has revealed.
The survey, based on 200 business-to-business and 100 consumer respondents, suggested media agencies were confident in new video formats, with 65% reporting they had or would buy VR digital video, and 79% reporting new video formats would improve customer experience.
The AOL study also found publishers were not confident social media offerings drive growth and revenue for digital video.
The report found only 33% of Australian publishers were confident social media would drive digital video growth, however 67% percent believed “better quality creative” would help growth and revenue.
However, advertisers had more faith, with 42% reporting “social media video offerings” and “better targeting and personalisation of video ads” would be top drivers of growth.
In Australia, 65% of consumers watch some kind of video daily, with 59% of respondents acknowledging they watch more video now than they did a year ago. In addition, 65% prefer viewing content online or through a connected TV due to the flexibility and convenience these platforms offer.
According to the study, 31% of Australian consumers find video through social, with a further 31% sourcing content from people they know.
The report also found 4% of Australian media buyers were expecting to invest 100% of spending into programmatic.
Alex Khan, managing director of AOL Asia & ANZ said the results indicated devices and new ways to consume content had “fundamentally” changed audiences’ expectations of content.
“Advertisers and media agencies are looking at a wide range of different opportunities to reach out and engage with this more dynamic audience,” Khan said.
“Programmatic and mobile are major opportunities, as finding audiences through digital media and social media becomes important. But, equally, that drive towards providing quality content will lead publishers and advertisers to look at emerging media.
“VR, AR, and other experience-based media is expected to become a booming opportunity over the next year, as the technology starts to mature and audiences continue to look for dynamic, exciting experiences.”
