The significant investments that Stuff and NZME have made in video news are starting to look like wise moves even if the payback has yet to fully materialise.
Their current major initiatives – Stuff’s production of Three’s nightly news and NZME’s two breakfast video shows on Herald Now – are unlikely to be financial saviours for either group. They are, however, the foundations that will allow both groups to take advantage of significant shifts in news consumption.
Their strategic thinking was given a boost last week with publication of the latest Reuters Institute Digital News Report which has found growing audience enthusiasm for online video content at a time when search referrals to digital news sites is plummeting toward ‘Google Zero’.
The Reuters report surveys 48 markets (Australia is the closest we get). For the first time, all of the surveyed countries report a majority of people watching online video news. Seventy seven per cent of people globally consume it each week. In 45 of those markets, more people watch online video news than broadcast television bulletins. And 57 per cent of 12 to 15 year-olds identify a single platform as their most important news source. It is TikTok – the go-to site for short-form vertical videos.
It is noteworthy that this growth in online video consumption is all happening on third party platforms. Worldwide, video consumption on news websites and apps has dropped five per cent in the past year. The report is unequivocal: “…if news videos from mainstream news organisations are being watched, that consumption is likely happening somewhere other than that publisher’s own website or app”. Over the past three years the proportion who consume video on news websites and apps has dropped from 28 per cent to 23 per cent.
In a New Zealand context, that points to a future where few will be watching Garth Bray’s HeraldNow Business or Ryan Bridge Today on the Herald website, or repurposed Three News on Stuff, but will turning to YouTube, Instagram, and TikTok. Continue reading “The news shown in bite-sized social media morsels”
