Only a minority of marketers are leveraging 360° video but the ones that are, see great rewards.
Consumers love this new video technology and are even willing to watch it in ads.
Here's what we know about 360° video adoption, challenges, and impact on the bottom line!
How marketers view 360° video
14% of video marketers have used 360° video as a channel. (Down from 15% in 2018.)
Out of those, 74% say it’s been successful for them. (Up from 62% in 2018.)
12% plan to use it in 2021, which is 3% less than the year before.
How consumers view 360° video
88% of users who found 360° video ads to be "entertaining" plan to interact with similar efforts in the future.
Due to the nature of 360° video, a user only perceives 20% of the video at any given moment.
90% of Americans think content will be better in 360° than in traditional video and 98% of Americans think that 360° video is more exciting than any other video technology.
41% of people said 360° video and VR should be used more by brands because it lends itself well for product demo purposes.
60% of people would like to see sports and travel type of content captured in 360° video while 55% of people would like to see live entertainment in 360° video.
Only 30% of people would be interested to see television shows, news, and documentaries captured in 360° video.
Consumers remember 360° video ads better than regular video ads which drives a 7% purchase intent increase on smartphones.
In addition, the number of consumers who think that the brand "has a unique story to tell" after watching a 360° video ad is 12% larger than the number of consumers who feel the same way after watching a regular video ad.
Pairing a 360° ad with content that is also 360° improves branding impact in the form of an 8% increase in perceived relevance by consumers compared with running in front of non-360 content.
360° video CTR and ROI
Display ads featuring 360° video have a 300% increase in CTR and a 410% increase in ROI compared to display ads featuring regular or panorama photos.
Video ads featuring 360° video have a 46% better VCR (video completion rate) and a 14% better ROI compared to video ads featuring regular video.
The average 360° display ad campaign CTR is 1.5% while the average regular display ad campaign CTR is 0.35%.
360° video can boost Total Earned Actions by 41%.
A 360° video ad on smartphones will outperform the same ad on PC with an increase of 10% in purchase intent.
PepsiCo's Mountain Dew campaign leveraging 360° video saw a 63% video completion rate and a 22% post video CTR.