Over the past few years, video usage on social media has increased exponentially. With over two billion active social media users globally and nine out of 10 United States companies active on social media, it should come as no surprise that 70% of companies report that video is their most effective marketing tool. Recent developments in social media video, such as Facebook Live videos and Instagram stories, have opened up even more possibilities for video marketing. The following examines the future of social video: a brief look into what’s next.

Social media video marketing budgets will continue to increase

84% of professional marketers and 55% of small and medium businesses (SMB) have produced or outsourced a video in the last year. More than 60% of marketers and SMB plan to increase their investment in video over the next year. As the need for consistent video content continues to expand, many marketers and business owners are hiring staff dedicated to video production or are outsourcing video production. Companies are also using their own employees to share business videos on personal social media accounts to boost exposure.

Facebook and YouTube will remain the top social media video platforms

Currently, Facebook has the biggest impact on business for marketers and SMB alike, with engagement, views, and overall impact 8.4 times higher than any other social media platform. Facebook is also the superior platform for gauging overall success at 62.2%. YouTube ranks second at 13.3%. In 2015, Facebook doubled its daily video views to eight billion, slightly surpassing YouTube. YouTube remains the primary video platform for 26.4% of professional marketers and 18.5% of SMB owners.

Interestingly, the majority of marketing agencies prefer video platforms for distribution while the majority of marketers prefer social platforms. While newer video platforms, such as Snapchat, may not have the comprehensive analytics of more established platforms, their popularity will keep them competitive. As of late 2015, Snapchat reports six billion daily video views.

Micro content will become more prominent

Micro content isn’t anything new in the social media realm. Although it recently folded, Vine introduced many companies to the art of creating succinct, looped content. More recently, numerous organizations have embraced Snapchat and Instagram videos, Instagram Stories videos, streaming video on Periscope and Meerkat, and live video on Facebook and YouTube. 41% of companies are ready to invest in short-form content with 15% exploring the notion of micro content. Micro video is ideal for sharing shorter clips alongside longer videos, such as full interviews and in-depth tutorials.

Live video will become more prominent

Not surprisingly, Facebook Live and YouTube Live are the top platforms for live video with Snapchat and Periscope as the second choices for both agencies and marketers. Facebook is an ideal platform for both reaching a current audience and expanding an audience, largely thanks to the fact that Facebook prioritizes video content in users’ feeds.

Social media is now a standard marketing tool for companies around the world. Major and minor social media networks have significantly changed the fundamental ways in which companies reach and interact with customers and conduct business. If you haven’t embraced social media and started adopting social media video marketing techniques, it’s never too late to start.