Video content is becoming a major factor in deciding whether to buy a product or service. This is stated in a study "Future of Ecommerce" conducted by Shopify. According to analysts, 46% of consumers watch videos about the product before buying it. Therewith, 81% of companies plan to increase or maintain investment in live broadcasts to increase their sales by the end of 2022.
According to a Demand Metric report, 83% of marketers believe that video is more important today than ever. This is confirmed by WYZOwl statistics, according to which 87% of companies use video as a marketing tool.
The streaming video market is projected to reach $ 972.31 billion by 2030, growing by 18.1% CAGR - Market Research Future reports. An indisputable factor in this growth is the globalization of marketing strategies of brands that seek to expand their audience to new markets.
The global economic landscape opens up many opportunities for the expansion of foreign business. However, linguistic and cultural differences are major obstacles to international success. Thus, in the EF Education First study in partnership with the Economic Intelligence Unit, more than 49% of executives of international companies admitted that misunderstandings in communication were an obstacle to signing large business agreements and led to significant losses. In this context, the growing market for the translation industry and artificial intelligence software for automatic online video translation is becoming apparent. Such technologies enable international companies, educational organizations, bloggers and media representatives to scale their content and business around the world.
As the video format actively displaces all other sources of information and ranks first in the world, high-quality video translation and localization is becoming increasingly popular. The most common video localization strategies are subtitles and dubbing, each of which has its advantages in a particular market. To successfully expand one’s presence, one should pay attention to the format of localization in each market. For example, people in many European countries (namely France, Germany, Italy and Spain) prefer duplicate content due to historical factors and ease of listening to duplicate videos. However, their Scandinavian neighbors (Sweden, Denmark, the Netherlands, Norway) usually prefer subtitles. The Asian market, according to IndieWire, chooses dubbed content. This is explained by the predominant consumption of content by users on smart devices in combination with the simultaneous performance of other tasks. In the United States, according to Statista, 59% of American adults prefer to watch dubbed movies than watch the original with subtitles.
In response to the growing demand for high-quality, fast and affordable video translation, duplication solutions have begun to appear on the market, including from technology giant Silicon Valley. In March 2022, it was announced the launch of a new product from the internal incubator Google Area120 - "Aloud". According to the developers, with the help of Aloud, content creators will be able to duplicate their videos in several languages. At the moment, the service, which is designed to "overcome language barriers", is not available to a wide range of users.
Another project differs in its philosophy - online video translator Vidby, launched in Switzerland in 2021 and available for use. As founders Oleksandr Konovalov and Eugen von Rubinberg point out, "We are not just overcoming language barriers, we are creating comprehension technologies while preserving the world's linguistic diversity." The service offers video translation in 70 languages with up to 99% accuracy thanks to artificial intelligence (subject to post-editing of the original language within 24 hours after automatic recognition). If you just need to understand or convey the general content of the video or translate the necessary fragments - just use the automatic recognizer with an accuracy of 80%. It only takes 1-2 minutes of waiting for 1 minute of video.
Thus, reaching more customers in different parts of the world through video localization means strengthening the global business presence. Speaking to the target audience in one language is not just a metaphor. There is a clear correlation between the language of the content you show customers and the likelihood of making a purchase. Representatives of the Common Sense Advisory conducted a survey and found that 72% of consumers are more likely to buy goods with information in their native language, and 56% of respondents said the opportunity to receive information in their native language is more important than price.