Digital video marketing combines two of humanities favorite pastimes—the ancient art of storytelling and hanging out on digital devices. Mobile video production company Magisto released the first in a three-part report that examines how marketers use digital video marketing.

In Video’s Payday Part One, Magisto describes how the rules of engagement have changed from branding controlled by the marketer to a sense of belonging, as driven by a customer narrative.

“Since video combines the emotional impact of story with the efficacy of digital advertising, it is a perfect way for businesses to authentically engage with today’s consumers,” Oren Boiman, CEO of Magisto, said in a statement. “The enormous influence of social media and the bottom up culture of millennials have led to a new marketing condition where the consumer is in control, word-of-mouth is a medium unto itself and authenticity is paramount to engaging customers.

Magisto surveyed over 500 marketing decision makers in the US at businesses of various sizes from July to August 2017. Applying responses to the industry as a whole, the company found that on average, each American business will spend $20,000 on video marketing in 2017, for a total of $135 billion.

This figure includes the cost of video capturing, creation, hosting, distribution, analytics and staffing. To put that $135 billion in perspective, TV ad spending is predicted to reach $71.65 billion this year, according to eMarketer.

Brands are creating more videos, as well. Eighty-four percent of marketers said they intend to create more business videos in 2017. A majority (60 percent) of these marketers allocate more than a quarter of their budgets to video marketing, and 64 percent create their own videos in-house.

In a world where consumers are bombarded with ads and information on a daily basis, marketers are looking for ways to cut through the noise. To do this, authenticity and consistency are the name of the game. Fifty-six percent of businesses surveyed engage in video creation at least once a week, according to the study.

Reaching millennials is all the rage—and a necessity—but marketers between the ages of 30 and 45 (Gen X) are 250 percent more likely to be heads of marketing than any other age group. Gen X are 40 percent more likely to spend on video marketing, as well, compared to millennial marketers. Of both age groups, 77 percent of Gen X marketers allocate more than a quarter of their budgets to video.

Gen X creates more often than their millennial counterparts, as well, making daily content at 37 and 23 percent, respectively.

“Done correctly, video has the scale of television, the precision of digital marketing and the power of authentic story,” said Magisto. “Businesses are using video to distribute their messages in ways that contribute real value to the attention economy and, as a result, is becoming a fiscal economy unto itself. All told, video marketing, composed of all business video communication excluding Television, is already a $135 billion dollar industry in the United States and this is a story that is just getting started.”