A worldwide study by Be On has revealed the majority of online video spend now comes from budgets previously allocated for TV and display advertising with 78 per cent of European respondents saying the platform offers greater engagement and scale opportunities.
More than 770 industry experts from brands, media and creative agencies across the UK, Europe and North America took part in the study, of which 73 per cent said online video spend had increased in the last 12 months.
René Rechtman, SVP AOL Networks International, said: "The results of our study show that branded content has become an important part of global advertising strategites.
"We know that content drives engagement and conversation online and, more than ever, we are seeing that brands want to tell their story through content."
Better audience targeting was citing by 73 per cent as an attraction for online video marketing, while 67 per cent said measurement was a key reason for increasing online video spend in future.