LONDON: More than half (57%) of UK agencies say online video ads are as effective or more effective than TV and two-thirds (65%) expect mobile video to account for the largest increase in their digital budgets, a new report has revealed.
BrightRoll, Yahoo's programmatic video platform, conducted a survey of 70 industry practitioners in November 2014, aggregated the data, and found a significant increase in the attention being paid to video.
Just 29% of agencies say video advertising is less effective than TV while a quarter (25%) report that a video ad component was included in the majority of their request for proposals (RFPs) last year.
With just 4.5% saying in 2011 that their RFPs included a video ad component, BrightRoll calculated that represented an increase of 456% in only three years.
Agency respondents also have growing confidence in programmatic with the proportion planning to dedicate a majority of their digital video budget to the technology more than doubling to 18.8% in a year (up from 9.2% in 2013).
Two-thirds (65%) of respondents agree that mobile video is where they expect the largest increase in digital media spend and a full 92% say they are likely to dedicate budget to tablet video.
CTR (8%) remains relevant for agencies, but its importance is declining as they rate completed views (31%) and brand lift (28%) as the two metrics that matter the most.
Targeting is the most valuable aspect of digital video for agencies, the report said, and this capability is cited by 44% of respondents, followed by reach (33%), price relative to TV, and ad unit format (10% each).
Taken together, BrightRoll concluded that confidence in the effectiveness of online video advertising is growing to the point where "digital video is becoming mainstream".
Data sourced from BrightRoll; additional content by Warc staff