Episode 301 - Digital Media Trends Every Entrepreneur Needs to Know About
Episode Stats
Words per Minute
191.4365
Summary
In this episode of Value Team Podcast, host Patrick B.W. Williams talks about the biggest social media name, and why you should be paying attention to it. Today's episode covers: What's changing in the world of social media Why you should pay attention to AIPAC Should you be on social media on a daily basis?
Transcript
00:00:00.000
30 seconds, one time for the underdog, ignition sequence start, let me see you put them up,
00:00:08.980
reach the sky, turn the stars up above, cause it's one time for the underdog, one time for
00:00:17.260
I'm Patrick B.W., host of Value Team, and today we're going to talk about digital media trends
00:00:22.380
Let's start off with the biggest social media name everybody knows, Facebook, and what's
00:00:28.560
First of all, 74% of users on Facebook are women, think about that, while 62% are men.
00:00:35.280
So when they did a survey saying how many women or how many men are on Facebook, 74% of women
00:00:40.220
said, yes I do, 62% said, I'm on Facebook on a daily basis, right?
00:00:44.700
So that's interesting to know the demographic on who you're trying to market to and attract.
00:00:49.720
Age-wise, not much has changed, a little bit has changed in the last couple of years, 13
00:00:53.860
to 17-year-olds on Facebook, that's 3%, 18 to 24-year-olds, that's around.
00:00:58.560
17%, 25 to 34 is the biggest audience they have, 25% is between 25 to 34 years old.
00:01:10.460
54% of all of Facebook users are above 35 years old.
00:01:16.800
54% of all of Facebook users are above 35 years old.
00:01:22.780
I want to give you a metaphor, an analogy that hopefully doesn't make sense to you.
00:01:26.420
Imagine if you're going to a party or a nightclub, okay?
00:01:30.020
There are some clubs that are 18 and over, parties that are 18 and over, right?
00:01:35.380
Some you go to, they're like executives, some you go to, they're 30, some 40, 50.
00:01:38.940
See, if you go to the club of Facebook, it's going to be people above 35 years old, which
00:01:43.720
means they're going to be listening to 80s music, maybe old school, hip-hop, that kind
00:01:49.520
Then you continue 35 to 44, 18%, 45 to 54, 15%, 55, 64, 12%, 65 and up 9%.
00:02:05.880
So imagine if you're a market or demographic or wanting to find that 55 year old.
00:02:10.260
Facebook is still a great, the best market for you to find 55 plus year olds on the needs
00:02:16.140
that they may have, whatever product you're selling.
00:02:18.340
Now here's a couple of things that's taking place globally with Facebook users, globally.
00:02:23.080
You'll kind of see where it's growing really fast and where it's flat.
00:02:26.660
This is Q3 quarter, Q3 users logging in 2012 versus Q3 2018.
00:02:53.900
Bigger than U.S. and Canada, but still not a big increase.
00:03:03.320
But nothing is close to AIPAC, which is Asia Pacific.
00:03:10.660
That's more than 3x on what's happening on AIPAC.
00:03:14.340
So Facebook, just like you being a business owner, entrepreneur, is sitting there saying,
00:03:25.200
And they're starting to realize where AIPAC is.
00:03:27.240
We'll talk a little bit more about AIPAC here in a minute.
00:03:29.680
When we go to some other data, you'll be blown away on what's taking place here.
00:03:34.480
Now, one of the things that took place that's been changing lately is for the longest time,
00:03:40.900
you and I would log on to Facebook more than any other website.
00:03:45.780
So you would ask, hey, which of these websites do you log on to on a daily basis?
00:03:49.700
People would say, number one is Facebook, but it's changed.
00:03:54.460
73% of users say, every day I log on to YouTube.
00:04:22.320
I see LinkedIn for entrepreneurs and business people being a massive vertical to pay attention to.
00:04:33.520
So those are the numbers on what's taking place.
00:04:37.940
You know, a lot of people are like, well, you know, I don't know if I really want to do Snapchat stories or Instagram stories,
00:04:42.700
or I don't know if I want to do Instagram stories.
00:04:44.860
It doesn't seem like it's going to be that crazy.
00:04:47.420
400 million stories are sent every day on Instagram.
00:04:57.020
Now, Instagram does more stories than Snap does.
00:05:03.280
It's still 150 million stories on a daily basis.
00:05:09.060
And Facebook is trying to combine Messenger stories, Instagram, WhatsApp, all of it under the same platform, which that's going to make it very, very...
00:05:18.740
The amount of power Facebook's going to be able to have.
00:05:20.980
I know they're dealing with a lot of their security and all these other stuff that they're dealing with.
00:05:26.260
There's going to be a lot of scrutiny they're going to face.
00:05:30.400
And Mark Zuckerberg is still an actively involved CEO that wants to compete in a marketplace.
00:05:36.260
He's not a guy that's golfing six, seven days a week.
00:05:38.260
He's in the game trying to make Facebook better and more competitive.
00:05:43.760
The consumer's trust has gone down with Facebook.
00:05:46.240
The numbers prove people have lost a lot of trust with Facebook.
00:05:49.640
But having said that, it is still a behavior that you and I have on a daily basis.
00:05:56.960
One of the ones that came out recently, YouTube, about a year and a half ago, a year ago, when you started doing stories.
00:06:02.160
LinkedIn is also about to come out with stories.
00:06:06.360
Again, do you remember when I said if you went to a club called Facebook, the average person at that nightclub is going to be about 35 years old, 54%.
00:06:13.840
If you go into the club of stories, this club is filled with 20-year-olds.
00:06:24.540
And by the way, this club is also the 14, 15, 16-year-olds that five, 10 years from now are going to remember you and stay emotionally connected to your brand.
00:06:33.280
If you stay with them and stay loyal to them, they'll be with you 10 years from now when they turn 28 years old, 27 years old.
00:06:40.700
So now, let's talk a little bit about cable TV, subscription, video on demand, as well as advertising video on demand.
00:06:48.580
Just to kind of tell you what's advertising and subscription.
00:07:10.120
YouTube is actually, you know, trying to do the subscription thing with YouTube Red and some of these other things that they're doing.
00:07:16.260
But they're trying to look at right now, saying, what is our blue ocean?
00:07:20.560
Because just like Google Plus tried to compete with Facebook, saying, we have the biggest platform, we can easily compete with Facebook and beat them.
00:07:28.520
Because everybody logs on to Google every day, and no one did anything with Facebook.
00:07:33.800
YouTube is kind of starting to sit there and say, wait a minute.
00:07:36.520
We're an advertising video on demand where people can go out there and watch content.
00:07:40.880
Why are we not doing good with subscription-based?
00:07:43.880
And a lot of that has to do with original series.
00:07:46.020
They're actually thinking about doing an original series without charging you for.
00:07:49.340
Like, you don't have to do like a, you know, the big original series, Narcos, all these things that they're doing.
00:07:54.560
They want to go in the direction of doing an original series, except for free.
00:07:58.480
Complete different approach they want to take, because the advertisers will spend more money on the original series.
00:08:05.220
Obviously, YouTube is ran by a couple brilliant people, but a lot of brilliant minds in that company, at Google.
00:08:14.280
All right, so the next I want to take a look at is cable TV.
00:08:16.320
See, here's what's happened with cable TV in the last five years.
00:08:24.740
Projected to get to the 70 million users in the next 10 years.
00:08:27.340
And by the way, very obvious what's taking place.
00:08:29.700
No one's playing a guessing game saying, oh my gosh, I'm surprised.
00:08:33.780
Remember how I said if you go to a Facebook club, the average person that attends that club is going to be above 35 years old.
00:08:40.800
If you go to stories, it's going to be 20s, and some teenagers will show up.
00:08:44.540
If you go to a nightclub hosted by cable TV, the average attendee is going to be 50 to 55 years old and higher.
00:08:50.400
Just so you know, that's the viewership that they have.
00:08:52.160
But businesses still know that there's a lot of value for cable TV.
00:08:59.720
Super Bowl commercial ads, 30 seconds, is $5.3 million.
00:09:06.580
So it's not like it's dropping or it's going up.
00:09:12.000
Although one of the biggest brands in the world, one of the biggest brands, most recognizable brand in the world,
00:09:17.520
has decided to not do a halftime Super Bowl commercial this year for the first time in over 10 years, and that's Coca-Cola.
00:09:23.340
Their idea is a completely different thing they want to do.
00:09:25.220
They want to bring the country together by doing a commercial right before the national anthem.
00:09:31.560
The message is towards what happened with the NFL two years ago with Colin Kaepernick.
00:09:36.860
So Schumer, you know, all the issues we're facing with Pelosi, Trump, The Wall, Republicans, Democrats, CNN, MSNBC, Fox.
00:09:48.100
Jeep did this a couple years ago with a commercial.
00:09:51.620
If they go that approach, I think Coca-Cola's going to come out a winner here for cable TV.
00:09:59.000
Digital ads on videos, online videos, has gone from $4 billion in 2010 to $35 billion in 2018.
00:10:11.060
That means companies are spending money on video realizing it's a good idea for us to advertise on YouTube.
00:10:16.280
It is a good idea for us to advertise on Facebook.
00:10:23.200
By the way, it's estimated for this $35 billion to go to $90 billion in the next five to seven years.
00:10:32.020
Ad blocking is something that different generations are better at.
00:10:37.540
According to the research that I have, which I'll give you the link to look at, 40 million millennials know how to block ads.
00:10:44.920
Better than any other generation, 40 million millennials block ads.
00:10:48.840
Only 20 million Gen Xs and 11 million Baby Boomers.
00:10:52.040
So you can see which generation is more tolerant for ads versus the generation that isn't tolerant for ads.
00:10:59.300
But regardless of what's taking place, there's still ads taking place, but they also know how to block the ads.
00:11:06.660
That takes me to the next part of length consumption.
00:11:09.120
You know, a lot of times, if you hired a marketing firm back in 2010, 2012, 2013, they would tell you, making long videos is not good.
00:11:29.560
And today, years later, we said, you know what?
00:11:31.740
Years later today, our biggest viewed videos, millions of views video, they're all over an hour, 20 minutes, 30 minutes, 40 minutes.
00:11:41.440
And some of the shorter format videos we did, 28,000, 19,000, 42,000.
00:11:46.320
So the whole idea about length, is there really truth behind it?
00:11:51.440
Let me show you what's happened in the last two years.
00:11:55.740
These are short formatted videos, 0 to 5 minutes.
00:12:09.560
We went from 55% of videos being 0 to 5 minutes in Q1 of 2016 to 38%.
00:12:15.980
We're making fewer, shorter videos than we did back then.
00:12:24.960
However, the only one that's on an uptick is the long format videos, 20 minutes plus.
00:12:33.840
Because viewers have told content creators, if your content you're creating is value-based,
00:12:43.580
This is one of the reasons why I think the one video you need to watch is a video I made
00:12:47.060
saying 10 rules for content creators for entrepreneurs.
00:12:50.800
Click on a link over here to go watch that video.
00:12:53.020
It'll kind of give you an idea on how you need to be making content for yourself that fits
00:12:56.680
your motto because if you don't do it right, it will fail you.
00:13:01.320
So the data about shorter videos, I don't know how much truth there is behind it.
00:13:05.300
From 10 years ago, people are starting to say, I want long format videos.
00:13:10.200
For some of you guys that are podcasters, the data, the report that I'll send you for
00:13:13.660
you to watch, the report on the podcasts to watch that are the long podcasts, people
00:13:20.220
are not liking longer podcasts today, minus the guys in the marketplace that are doing
00:13:25.100
very, very good, and there's about 100 of them.
00:13:27.220
Everybody else that's trying to get into podcast form to do an hour, two-hour, three-hour
00:13:31.720
podcast, users are saying, I can't stay on there for too long.
00:13:35.100
However, the podcasts, the new ones that are all of a sudden excelling are formats of 24
00:13:40.620
minutes, 16 minutes, 18 minutes, 12 minutes, podcasts that are only 12 minutes, 14, 24
00:13:47.260
Obviously, number one podcast still around the world is NPR, and then you have some of
00:13:50.840
the other guys that's out there, but the name-wise individual is Joe Rogan.
00:13:54.160
He's doing a very good job with the podcast, crushing the game himself.
00:13:56.940
But for the people that are trying to get into it, our formatted podcast may not favor you
00:14:02.220
Video's slightly different because I'm watching, I'm listening, I'm feeling podcasts, I'm just
00:14:09.300
First, ad and media buying, where should you advertise?
00:14:13.380
This was a media summit that took place earlier in 2018, and all the buyers were there, and
00:14:19.500
they asked them a question, ranking one to five, which one of these platforms are priority
00:14:26.700
One being exploratory, five being most important.
00:14:44.600
LinkedIn, LinkedIn, LinkedIn is fifth place at 2.2.
00:14:55.160
Amazon's going to get into the ads game like never before.
00:14:58.380
They are already in the subscription game, but they're getting in the ad game as well.
00:15:02.220
Now there's three different places for people to advertise on Amazon.
00:15:06.380
Then you have Snap 1.9, and then you have Twitter at the bottom with 1.7.
00:15:10.840
So it's something for you to be thinking about that Google is still at the top.
00:15:13.760
Then it is, you know, you have Facebook, Insta, YouTube.
00:15:16.440
The one number that a lot of people don't pay attention to is, I pay very close attention
00:15:26.280
I know a lot of you are already taking advantage of it.
00:15:28.320
If you're not, you've got to start really researching more Insta and putting your game
00:15:32.060
plan around LinkedIn and Insta if that's where your customers are going to be at.
00:15:35.680
Okay, having said that, let's look at some global trends.
00:15:40.920
I mean, I was in India earlier in 2018 and spoke in front of 5,000 people to the IIT
00:15:47.360
And I was there with former chairman of State Bank of India.
00:15:55.540
I said, listen, I want you to realize what's happening right now in India with the ideas
00:16:00.000
of capitalism, entrepreneurship, all this stuff.
00:16:05.220
And you guys are producing some of the best engineers in the world.
00:16:08.340
American companies are hiring engineers from India.
00:16:32.000
But watch these numbers here on what's been taking place.
00:16:48.460
These are the top two countries in the world population-wise.
00:16:52.820
I think China's ahead of India by like a couple hundred million people, right?
00:17:14.360
I wouldn't sit there and just say, India's not a market to pay attention to.
00:17:23.120
T-Series is like the channel in India for music, music videos, all this stuff, right?
00:17:28.640
In 2017, January, PewDiePie had 51 million subscribers.
00:17:35.300
As of right now, today, whatever today's date is, like January 25th, 2019, PewDiePie's
00:17:40.620
at 82 million, small lead, over T-Series, 82 million.
00:17:48.380
And they're learning about capitalism, entrepreneurship, business.
00:17:51.780
The prime minister, the president, their beliefs in capitalism and is pushing it.
00:17:55.920
And the younger generation is eating this stuff up.
00:18:00.000
Can you imagine if India actually really starts competing?
00:18:04.700
I did a couple videos ago talking about where they rank for GDP.
00:18:08.660
You're going to see a lot of stuff happening here.
00:18:10.180
By the way, the one thing about India you've got to realize is they have less regulation
00:18:18.880
India actually allows people to go on YouTube and Instagram.
00:18:23.860
They lack every one of their social media apps to be through.
00:18:30.060
It's like a Musical.ly with Snapchat and Instagram combined.
00:18:33.260
In 2018 first half, they're number one in the most apps downloaded for China.
00:18:38.460
Over every other app downloaded in the first half of 2018.
00:18:43.480
And India does it with every other country around the world.
00:18:50.760
It could be a 3, 5, 10 year thing to be paying attention to.
00:18:55.100
Remember when I said earlier there was two numbers, 46 million versus 30 million?
00:19:02.220
46 million viewers logged on to watch the League of Legends World Championship game.
00:19:11.360
46 million people around the world logged on to watch the League of Legends World Championship game.
00:19:20.620
30 million people around the world watched the NBA championship game.
00:19:32.500
In the age category of 18 to 34, percentage of viewers of age category 18 to 34, you know
00:19:40.780
what is the most viewed sport for age category of 18 to 34?
00:20:03.920
ESports, last year, budget was $906 million in revenues, up 38%.
00:20:13.080
And you're going to see a lot of kids, advertisers, realize, hey, we better start paying attention
00:20:18.760
If we want buyers of 18 to 34, we better pay attention to what?
00:20:24.100
And by the way, I got a lot of stats to give you on eSports.
00:20:26.760
I would be able to fill up all over the place if I was to give it to you, but I'm not going
00:20:30.960
The part that you need to know about eSports, 380 million total viewers around the world.
00:20:38.580
380 million total viewers around the world who follow eSports and they actually watch it.
00:20:44.680
Some of them are just those who watch it on what's taking place.
00:20:47.720
So by the way, all this data, everything you got from today's video means nothing unless
00:20:51.160
if you have a strategy to implement and help grow your business.
00:20:54.680
Do you remember earlier when I said this is the best time ever for a small business
00:20:59.220
owner to compete with the bigger companies because of adapting, changing, putting something
00:21:04.920
You could be the India story of going from 63 million users versus China's 457 to having
00:21:13.160
This ought to be you putting a plan together to compete percentage-wise against the biggest
00:21:21.600
Number one, first thing you got to do is identify exactly who your ideal customer is.
00:21:25.860
Number one, because once you know who your ideal customer is, the next thing is what?
00:21:34.660
If I'm looking for this age category, it's Facebook.
00:21:41.520
If I'm looking for 30-year-olds, 40, maybe YouTube.
00:21:50.440
Look, if you're still not creating content in 2019, you are being left behind.
00:21:56.160
Listen, I am not asking you to create content every day.
00:22:02.760
I have a schedule and I start it off with once a week and I work my way up.
00:22:06.480
The thing I recommend to you is put a calendar in 2019 and stick to it.
00:22:11.460
If you don't think you can do once a day, if you don't think you can do once a week,
00:22:15.260
do once a month, but no matter what, you're doing it once a month.
00:22:17.960
If you can write an article Sunday nights and post it on your website for people to read,
00:22:24.220
But whatever you're doing, create a calendar for content creation.
00:22:28.340
The video I told you earlier, 10 steps on how to create content.
00:22:38.860
Actually go through it and start realizing what is your strategy on how to create content for you.
00:22:46.500
Once you know your customer, once you know the platform, once you are creating content,
00:22:52.620
If your audience is Insta, spend some money there.
00:22:54.900
If your audience is Facebook, spend some money.
00:22:58.380
Put a percentage of what you're going to be doing to make a name for yourself.
00:23:03.040
Positioning is you knowing, as a small business owner, if I want to compete with the marketplace,
00:23:10.520
If I go compete with a person, let's just say I'm the best at uppercuts,
00:23:13.600
and you want to come and beat with uppercuts, you're going to lose.
00:23:21.020
I made a video, I think a year and a half, two years ago, called How to Compete with Bigger Companies.
00:23:27.740
It's a short 10-15 minute video for you to watch.
00:23:34.500
And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
00:23:41.960
And if you have any questions for me that you may have, you can always find me on Snapchat,
00:23:49.900
And I actually do respond back when you snap me or send me a message on Instagram.