Trend : Growth of Short-Form Video Content
Short-form content is one of the most notable marketing trends in 2023. 'Short-form' content is a vertical form optimized for mobile, usually short video content of 15 to 60 seconds. In Korea, with the entry of the global platform TikTok, short-form video content first began to attract attention, and its influence gradually increased. With the popularity of shortform, the number of users of shortform platform TikTok has increased rapidly, and TikTok has achieved great results with 7.6 million domestic users as of 2022.
Short-form content has been widely used by the MZ generation, who want to quickly consume the information and fun they want in a short time. The short-form content had a difference in that anyone could easily create and spread content, such as a short content length, a content format that can be easily produced by mobile, and a platform structure that can expose and spread content in a short time. Due to this advantage, TikTok, a platform for shortform content, was able to quickly convert MZ generation users, who were previously content consumers, into content creators.
Another reason why the short-form has become a popular SNS trend beyond the MZ generation is the change in content consumption patterns. As consumers gradually consider 'time cost-effectiveness', the time spent in a single video is getting shorter. As "liquid consumption," which seeks to obtain content in the shortest time and with the least effort among consumers, and wants to escape quickly if the content is not liked, is becoming more common, the need for short-form videos is expanding further to all ages. With the growing popularity of short platforms, brands are also actively using 'shortform' as a marketing tool to attract consumers.
Case Study : CU Youtube Shorts Drama <A part time job at a convenience store>
CU, a Korean convenience store brand, is making headlines for its successful short-form marketing with storytelling content that induces immersion with interesting stories. CU produced a short-form drama of less than a minute and aired various episodes related to convenience stores on its YouTube Shots. based on the convenience store, a daily space, interesting stories that anyone can experience or sympathize with, web drama actors that make the story stand out, and the story's story's storyline in a short time of a minute, CU has become a successful case of brand short-form marketing. The drama's current cumulative views have exceeded 150 million views, and it has gained huge popularity from teenagers to people in their 30s. In addition, through the content, they have gained great marketing results such as acquiring more than 80,000 new subscribers to CU YouTube channel.
Business : The Short-Form Content War of Mega Platforms
Although it is short, the influence of Short-form content that stimulates viewers' desire to buy through vivid mobile-optimized videos is growing, and mega platforms such as TikTok, Facebook, Instagram, and YouTube are trying to monetize by developing advertising products.
The influence of TikTok's advertising products is expanding as the global user and usage time share of TikTok increases. In addition, TikTok is monetizing by preparing a global launch of a service that allows viewers to purchase products exposed to the shortform immediately by linking the shortform and commerce functions. Meta Group also said Facebook's Reels has launched an advertisement product that is immediately exposed behind the shortform video, and YouTube Shots will also introduce a new advertisement product.
Korean platforms such as Naver/Kakao are also actively increasing 'shortform' content. Kakao plans to reorganize the 'Kakao Shorts' tab on the Kakao Talk service so that shortform contents can be viewed within Kakao Talk. Also, 'Kakao Webtoon' has launched a new service called 'Chatting Novel' to provide shortform content.
Naver is also introducing a series of services that combine short platforms. Naver has recently reorganized its news service to provide short-form articles for people in their 20s, and is quickly responding to the short-form trend by establishing a 'short-clip' service that introduces and sells products through short videos on Naver shopping services. We're looking forward to what new changes will emerge in the 'short form' content war throughout 2023.
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