![The Impact of COVID-19 On Video Marketing and Online Video [Report]](https://50wheel.com/wp-content/uploads/2020/04/covid-19-810x400.jpg)
50Wheel recently ran a consumer study aimed at global businesses, looking to better understand the impacts of COVID-19 on the use of online video and video software.
Going in to this study we were curious to see if businesses were looking at the global pandemic and shelter in place order as a reason to further invest in video technologies or the opposite, a reason to cut budget and reduce spend on video or move it into other areas.
The results are revealing…. see for yourself.
Study details: This study was conducted exclusively by 50Wheel during the months of March and April 2020. Data presented in this article was obtained by survey that received 332 responses.
Survey Results
Nearly have half of businesses made changes to their video software licenses due to the impact of COVID-19.
47% of businesses said they have made changes to their video software technology stack as a result of the pandemic. 53% said they would leave things as is and make no changes.
Source: COVID-19 Video Software Impact Survey, 50Wheel 2020.
The breakdown
Most companies made positive changes to their video technology consumption, with 22% of companies increasing usage of existing software. 6% of companies cancelled existing video software licenses within a few days of shelter in place orders taking affect in late March 2020. Another 6% of companies notified vendors about intent to cancel in the future.
Budget
Majority of businesses have re-allocated video software budget to other content types due to COVID-19.
60% of businesses have re-allocated their budget from video software to other content types that they believe will be more effective in 2020. 41% of businesses made no changes to budget at all.
Source: COVID-19 Video Software Impact Survey, 50Wheel 2020.
The breakdown
16% of businesses moved their video software budget over to email marketing, while 13% increased spend on written content such as blog posts. Some businesses made the jump to direct mail with 9% claiming to move video budget to the post office. Another 9% will spend their video software budget on social media marketing (non-video).
COVID-19 Communication
Using video to communicate with customers, employees and/or partners during the COVID-19 pandemic.
66% of businesses have used video to communicate with key stake holders during the global pandemic, while 34% of businesses chose other content types to reach their audiences.
Source: COVID-19 Video Software Impact Survey, 50Wheel 2020.
The breakdown
67% of businesses used video conferencing & web meeting software, while 33% developed video content specifically for COVID-19. Another 29% of companies created video content specifically to engage customers on social media during the pandemic. 14% of companies communicated with employees using internal video. 5% used video to communicate promotions and sales incentives to prospective buyers.
Moving Forward
How will the COVID-19 pandemic impact video software spend in the second half of 2020?
31% of businesses say that they will increase investment in online video software. Another 31% of businesses say that the pandemic will have no impact at all on their video software spend. Unfortunately, 22% of businesses say that they will most definitely cut their video software spend by the end of 2020.
Source: COVID-19 Video Software Impact Survey, 50Wheel 2020.
