Ask a 15 year old a question about how something works and surprisingly she will not “Google it”. She will go to YouTube and search there. Why? Because 15 year olds and under especially, but increasingly Millennials and all the rest of us are turning to video rather than text or text and images.
In business, it used to be all about your “web site”. Then it was about whether your website was “mobile enabled”. Then came “apps”. And now, it’s all about video. If you don’t have video you’re increasingly not even in the game.
Today virtually everyone on planet earth (certainly the developed world) is walking around with the equivalent of an HD TV set in the palm of their hand, 24/7. And that’s EVERYONE, regardless of demographics, age, race, education, social status, income, wealth, family background, faith, sexual orientation, etc. Everyone has a smart phone and we use it all the time.
And that “TV set” is increasingly connected to every conceivable “TV station” anywhere in the world.
And don’t forget, those devices are also very sophisticated full HD “TV cameras” as well. And software is available for complex editing as well.
This is likely the most dramatic change in how we communicate in human history. Combine the prevalence of video in our lives, with incredibly advanced voice recognition technology and then of course there’s virtual reality. It all begs the question: Will we even need to know how to read and write?
If this sounds crazy, take a look at the exponential advance of technology and ask yourself how will things look in 50, 20, or even 5 years from now? A friend told me last week that the entire computing capacity of the University of Alberta in 1970 (which was housed by the way in a square block building with multiple floors) is now equivalent to the chip used in birthday cards that sing to you when you open the card. And of course we’re all aware that the entire computing capacity used to land a man on the moon is now inferior to the capacity of a basic iPhone.
Take a look at what you are holding in the palm of your hand. As Bob Dylan put it, “The times they are a changin’.” Faster than we can even comprehend.
From a business perspective, it’s a great time to be involved in the video content business. Unlimited distribution channels and exploding demand driven by the factors described here makes the creation and/or aggregation of quality video content a great business to be in or to invest in.