The "most spoken languages in the world" is a very different statistic to the "most common languages used online". According to statista.com, the most used languages online are English in first place, Chinese in second place and Spanish in third place.
Due to my upbringing, I'm bilingual in both English and Spanish and have translated and subtitled videos in the documentary, corporate and advertising sectors to help clients reach a wider audience.

Benefits Of Translating Into Spanish
If your service or product is language free, this may be a good way to tap into an extra 8% of the internet audience, bringing your total potential reach up from around 25% to 33%.

Benefits Of Subtitling (Even Without Translation)
Statistics at biteable.com show how up to 85% of Facebook videos are viewed with the sound turned off. Whereas on Instagram Stories, people prefer to watch videos with the sound turned on (60%) - this still leaves another 40% to cater to. For these reasons alone, if the strategy is to have the content posted on social media, it's worth subtitling it, even if it's only putting subtitles in English.
Online options
Platforms like YouTube automatically create closed captions for videos (closed captions are similar to subtitles). The algorithms detect the language spoken in the video and depending on certain parameters can do quite a good job interpreting the audio and converting it into text. When it comes to auto-translating the words into another language, it's a different matter. That's why there are other online services like rev.com which are recommended by many users and could be another option to consider. Rev.com also have a system where you can embed the subtitles into the video. Limitations of these services come when you want to maintain brand consistency. The fonts usually available, are often a limited selection (e.g. Arial or Courier New). Designing subtitles within Premiere Pro allows for much more control over the look and feel of the subtitles.

Production workflow
Including translation and subtitling into the video production workflow is very simple - basically it comes at the very end, once the video has been completely signed off by all the stakeholders involved, I'll start work on the translation and subsequently move on to subtitling. This way, there is no unnecessary time spent translating and subtitling footage which will never be used in the final video.

The statistics are current as of June 2020.

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