90@90 Video… The New Now

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October 22, 2020, eHealthcare Solutions hosted their 90@90 webinar, “Video…The New Now.”

During the session, Gail Jaeger-Law, EVP of Partner Development at eHealthcare Solutions, explored three key topics:

What has changed and what has stayed the same during COVID-19
The current state of the industry and its shifts
Growth in the digital landscape, particularly video

What Has Changed Yet Remained the Same – COVID-19

Gail opened the webinar by introducing new buzzwords that have become part of everyday language, including agile, pivot, hybrid, transition, and video. Each reflects how our lifestyles have shifted to adjust to the “new now.”

“As COVID-19 has changed the paradigm of the workplace, video chats have become the new face-to-face.” Whether it’s children attending online school or coworkers collaborating through video calls, Gail explains that people are adapting to interacting face-to-face through virtual platforms.

Digital Spending – Pandemic Bump

So, what’s driving healthcare and pharma’s digital ad spending growth? According to eMarketer, much of it stems from COVID-19 messaging. Public health organizations and private medical institutions boosted advertising around testing, safety measures, and pandemic-related information. Marketing also surged for medical supplies, telemedicine adoption, and the reopening of doctor offices and clinics.

Currently, 57.5% of healthcare and pharma digital spending is allocated to mobile, while 42.5% goes toward desktop and laptop — a higher-than-average share for desktop/laptop compared to other industries.

US Healthcare and Pharma Digital Ad Spending Outlook

Historically, healthcare and pharma have been slower to embrace digital marketing, largely due to heavy regulations that complicate ad targeting. Traditional media and in-person marketing remained dominant.

However, the pandemic restricted many in-person channels, accelerating the industry’s adoption of digital advertising in both B2B and B2C spaces.

Display Advertising

eMarketer projects that healthcare and pharma will spend $4.04 billion on display and video ads in 2020 — a 15.7% increase from 2019. Growth in display ad spending is outpacing the average across industries.

Video advertising, a subset of display, is following a similar trend. The industry is expected to spend $1.69 billion on video ads in 2020, up 14.8% from the previous year.

Looking ahead to 2021, eMarketer anticipates healthcare and pharma display ad spending will grow 19.7% to $4.84 billion, comprising 43.0% of the sector’s total digital ad spend.

Pandemic Bump – Video

While social networking, mobile messaging, and digital video have seen modest gains in monthly users, more niche activities — like live video and mobile gaming — have significantly outperformed early 2020 projections.

Subscription OTT (over-the-top) platforms have excelled, growing both in new user acquisition and engagement among existing users.

Video Bump

According to eMarketer, live video viewership, video game viewership, and subscription OTT usage will see the largest pandemic-related growth in 2020, compared to pre-pandemic forecasts.

In short, consumer engagement with digital activities like gaming and live video grew faster than anyone expected when the lockdowns first began.

Consumer Video Consumption

Hubspot reports that consumers are increasingly relying on brand marketing videos:

Half of Gen Z and Millennials say they “don’t know how they’d get through life without video.”
Many consumers use video content to relax or escape daily life.
Production quality matters less — consumers care more about content than whether it looks big-budget.
Younger audiences are engaging with longer video content.

Video Formats

Two important video formats include:

CTV (Connected TV): TVs connected to the internet, either directly or via a device.
OTT (Over-The-Top): Content delivered via the internet without the control of traditional distributors.

By 2019, the OTT market had doubled in nearly every metric.

Videos can also vary in tone — instructional, educational, or emotional — to create different types of engagement and reactions.

eHealthcare Solutions – eHealth Videos

With video becoming an essential part of communication, eHealthcare Solutions is excited to introduce our latest product offering: eHealth Videos.

Our new video player is designed to meet the needs of both pharma advertisers and publishers.

We deliver targeted, health-endemic video advertising content to both healthcare professionals and consumers.

With options for short- and long-form syndicated content, you can add your sponsored videos to our distributed player and reach your target audience — wherever they are engaging with video content.

Video is a powerful tool to share your message, especially in today’s environment, making video truly the new now.

Save the Date for the Next 90@90

Mark your calendars! Our next 90@90 webinar will take place on January 21, 2021.

Sources:

WyzOwl. “100+ Video Marketing Statistics For 2020 (All New Data).” Video Marketing Statistics 2020 – The State of Video Marketing, Wyzowl, 2020, www.wyzowl.com/video-marketing-statistics-2020/.

Droesch, Blake. “US Healthcare and Pharma Digital Ad Spending 2020.” EMarketer, 2020, https://content-na1.emarketer.com/us-healthcare-pharma-digital-ad-spending-2020

Bump, Pamela. “How Video Consumption Is Changing in 2020 [New Research].” HubSpot Blog, 2020, blog.hubspot.com/marketing/how-video-consumption-is-changing. https://blog.hubspot.com/marketing/how-video-consumption-is-changing