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Consumers sure do love their video — particularly on social media. No fewer than eight in 10 people told Pew researchers they regularly spent time on YouTube. And among younger millennials and Generation Z, who make up about 40 percent of global buyers, according to McKinsey, more than half hang out on TikTok. Perhaps that’s why video ads are the top way consumers discover a brand they later purchase from, according to Animoto.
These numbers should perk up ears for entrepreneurs at B2C-oriented startups. After all, they reveal an opportunity to meet shoppers where they live, which is online. They also show just how powerful video can be in opening new revenue pipelines.