Elastic Path Software, the enterprise ecommerce platform and strategic ecommerce consulting firm, announced some surprising research results that suggest online video could become a real cash cow in coming years — particularly in certain valuable demographics.
The study showed that 75 per cent of respondents were willing to pay for online video content, and 40 per cent had already done so in the past. Perhaps most valuably, it is the coveted 18–34-year-old demographic that is most willing to pay for online video.
“Some of the consumer attitudes we discovered in this new report have brought to light misconceptions towards paying for online content and advertising effectiveness in younger demographics,” said Cliff Conneighton, chief strategy officer at Elastic Path, in a press release. “These old, rigid beliefs are no longer true. Companies that fail to understand consumer attitudes and behaviours towards online video risk losing out to the competition.”
The report, entitled, Monetizing Online Video, notes that there are few precedents to look to for online video — therefore, it is up to media providers to explore innovative strategies, payment models, and features to attract and acquire customers.
You can read the full report for free here.