Hong Kong’s video content viewing landscape has been competitive, making marketers follow the latest trend and viewing habit of customers to drive growth.
According to the third edition of a study by two media groups, one from Hong and the other from the UK, mature audiences have spent more time on digital video platforms, while penetration and time spent on the Hong Kong media group’s services have increased massively, as stated in a recent report.
According to the study, the penetration of video viewing on digital platforms and the time spent on them among audiences aged 45 to 59 have caught up with younger audiences. In this study, 84% of respondents said they have watched digital video content platforms in the past seven days. Also, this group spent 14 hours on digital platforms per week but interestingly, traditional TV platforms have not witnessed a decrease in usage.
The video services provided by the HK media group have continued to soar with its weekly penetration and viewership rising from 38% to 55% and from 2.6 hours to 5.5 hours respectively since September 2016. With an array of providers ranging from various international leaders to local production hubs, Hong Kong audiences have no dearth shortage of options.
This implies that the digital video market is becoming increasingly diversified, with more advertising options appearing in the process.
The rise of digital video platforms has driven up overall video consumption. Various streaming platforms have all achieved a significant share of the market, with video-sharing platforms being the key drivers for the increase in digital platform consumption.
In Wave III, audience duplication is more concentrated among the video platforms. A major American video streaming platform, however, seems to have gathered an audience base of loyal viewers with little duplication. Advertisers who deploy video advertising across multiple video platforms need to take this into account to ensure optimal investments.
One video TV and video service provider has grown exponentially since its launch in 2016. With 40% penetration, it has tripled its reach since the study in April 2016 and doubled when compared with its Wave II results in September 2016. The time spent viewing per week has also seen a significant rise from 0.6 hours (Wave I) to 3.1 hours per week (Wave III) without cannibalising the time spent on its parent group, implying that video consumption, in general, has increased.
Hong Kong audiences considered lower amounts of advertisement a crucial factor when it comes to the media group’s platforms. In terms of monthly fees, they are willing to pay up to HK$58 per month, implying that service providers need to strike a better balance between customer satisfaction and source of revenue.
Last but not least, 85% of respondents are active viewers of videos on social media. Although video time spent on social platforms is low when compared with video-based platforms, the time spent has increased from 1.9 hours per week to 2.3 hours per week. Audiences have quickly adapted to watching videos on social media. This finding is not limited to younger viewers alone but rather applies across the entire spectrum.
When it comes to outdoor viewing, 14% of respondents have watched outdoor TV in the past seven days, with an average consumption per person of 0.9 hours per week, equivalent to roughly 5% of viewers’ total TV viewing time.
The survey was conducted from 24 May to 11 June 2018. Online questionnaires were used to survey a sample of 1,000 users aged 18 to 59 who have consumed any video platforms in the past seven days. The first two phases of the survey were completed in April 2016 and October 2016.