According a recent ZenithOptimedia report, daily time spent watching videos will increase by 23.3 percent in 2015 and by 19.8 percent in 2016. Furthermore, mobile video consumption is growing at roughly five times the rate of non-mobile devices, comprising more than half of online video consumption.

Comparatively, the number of regular traditional TV viewers is expected to peak this year and then shrink by 1.9% next year.

Ad spending on online video will increase to a share of 12.8 percent in 2017, accounting for an eighth of all Internet ad spend. In the U.S., online video is already projected to account for 16.5 percent of total online advertising spending.

“Consumers all around the world are rapidly embracing online video, because it offers them a near limitless array of engrossing content. Some of the keenest users are the young, affluent viewers who are hardest to reach on television,” says Mark Waugh, global managing director, Newcast. “Brands are finding online video a particularly effective way to reach these valuable audiences, not just with advertising, but also with branded content; content that can inform or entertain consumers in a deeper and richer way than is possible with short, interruptive ads.”