Is there room for more than one short-form video service? Ever since Instagram launched its 15-second video functionality, everyone has been pitting it against Vine. At L2, a few of us even saw it as the Vine-killer. Might these two players be able to co-exist like YouTube and Vimeo, or will a standard emerge with one winner as in the case of Facebook vs MySpace?
The scale and activity of brands on these platforms is one lens through which we can analyze confidence in each player. In the 2013 Social Platforms study of 247 brands, we found that many are still familiarizing themselves with both Instagram and Vine. While 35 percent of brands are active on Vine and 26 percent have experimented with Instagram, video post frequency still lags Instagram image posts considerably, and many brands believe that strong video, on either platform, requires significant creative oversight.
Instagram has an incumbent advantage and brands experimenting with Instagram video boast community sizes 40 times larger than the average Vine community. The average number of followers on Instagram, among brands using Instagram video, is 202,663 Followers. By comparison, the average number of followers on Vine is just 5,133 Followers.
However, Vine users show higher engagement with brand content. The overall average engagement rate on Vine is 1.24%, calculated as Likes + Comments per video. Engagement is primarily driven by Likes, at a rate of 2.38% per video. On the other hand, the average engagement rate on Instagram is 1.06%, with Likes still being the dominant form of engagement.
Perhaps once #Regrams becomes an official feature to compete against Revines, we’ll see a more competitive engagement rate from Instagram?