The online video market has been undisputedly dominated by YouTube for a decade, but that’s about to change as Facebook is gradually becoming a worthy rival.
After conquering the world of social media, Facebook has started spreading its business in other fields, and its sole focus is now on attracting video publishers on its platform. On Monday, the leading social network has announced new “customization and control” options to become available.
Anaid Gomez-Ortigoza, product manager of video, has revealed some of the up-coming features in a recent blog post, emphasizing the fact that video publishers will have even more tools aiding them growing their businesses on Facebook.
Besides the new enhancements made to the video upload system, Facebook has also introduced a new Video Library. Uploading videos will ensure page owners a highly customized distribution for their videos, while the Video Library will offer a centralized place for uploaders to manage their videos.
By updating their video publishing experience, Facebook comes really close to the options YouTube is already offering its users. The update is scheduled to roll out internationally over the next few weeks.
Facebook didn’t just stumble on its initiation in video – ever since 2013, the platform has been relentlessly revealing new features, coming up with more user-friendly tools and persuading content creators to upload on its website directly. Will all of this going on, Facebook was clearly aiming at becoming a video service worthy of rivaling YouTube.
However, Facebook has set its video potential in concrete last summer, when the ALS ice bucket challenge soared video sharing on the platform to more than 17 million. That was the beginning and Facebook hasn’t been looking back ever since.
Even though Facebook has to make up for YouTube’s decade-long head-start, it has taken the challenge with determination. The advantage is Facebook’s quick rate of increasing its audience, which now boasts 491 million, according to data released by comScore.
YouTube’s audience might be almost double that number – nearing 832 million – but its growth rate is merely 4.8 percent, while Facebook’s goes up to 38.5 percent during the same time frame.
Because users seem to be so into Facebook’s video content, brand marketers also have a great opportunity on the platform. According to a statement of David Fischer, Facebook’s vice-president of marketing partnerships, people turn to their News Feed to see what matter to them – and that creates a real challenge for marketers to make their video content easily discovered.
Image Source: Marketing Land