Beijing (People's Daily) - China’s video marketing scale is forecast to be over 55 billion yuan ($7.99 billion) by 2020, according to a report released by a consultancy firm.  

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In 2018, the short video marketing industry scale reached 14.01 billion yuan, growing 520.7 percent year-on-year, a report by Beijing-based consultancy iResearch shows. 

Various platforms have been exploring approaches to capitalize on since 2016 with the emergence of visual technology. Interactive video have been growing rapidly as a marketing tool and its business model has been acknowledged. The critical growth engine has been the commercial platforms built in the past two years, offering a large number of short video marketing opportunities, and the advertiser's budget is gradually allocated to such an approach. 

Content providers, multi-channel network and marketing service providers continue to drive video marketing capabilities to be more professional.

Besides advertising and content services, videos are getting more applicable in various platforms. The industry is getting more customized for content, events online, accounts operations and cross-platform integration or campaigns. 

Each platform launches products or campaigns based on short video marketing. 

Platforms such as video sharing app Kuaishou, video-making and sharing website Meipai, popular video-sharing app TikTok, or Douyin in Chinese, have rolled out commercial channels to regulate various short video marketing campaigns within the platform. 

Third-party marketing service providers including Weiboyi.com, a microblog advertising communication platform,as well as International Monitoring System (IMS) have built data platforms to provide more data support for advertisers’ decision-making in short video marketing.

With more advertisers tapping into short video marketing, platforms are also focused on the mining for individual user value, and the short video marketing market will maintain a relatively high growth rate, iResearch analysis believes. When the competition of short video platforms gets fiercer, the industry players will invest more in existing user profiles and business model innovation.