MUMBAI: Consumers across the globe are becoming increasingly engaged with online videos. Zenith’s Online Video Forecasts 2018 reveals global consumers will spend watching online videos more than one hour on average this year. From 2017’s 56 minutes, the average will go up to 67 minutes.

In addition to that, the report also predicts this time span will go up to 84 minutes in the next two years. Viewers from China, Russia and the UK are expected to watch the most online video at 105, 102 and 101 minutes per day respectively.

“It [online video] accounts for almost all the growth in total internet use, and is growing faster than media consumption overall, so it is taking consumption time from traditional media,” the report says.

Still now, ad spends for online video is very less compared to traditional media. The report predicts that by 2020, online video adspend will reach 23 per cent of the size of television adspend. In 2015, online video ad market was 10 per cent of the size of the TV ad market.

“The rapid rise in video viewing makes online video the world fastest-growing advertising format, creating new strategic and creative opportunities. Brands that do not currently have a strategy for online video need to think about getting one,” Zenith’s global intelligence director Jonathan Barnard said.