If I aim to publish a video on social media, such as Facebook, Linkedin, or Twitter, I shall choose a 1:1 format. Yes, a squared format.
The width of a social media feed is fixed, but the height is variable. Therefore, a squared video looks almost twice bigger than rectangle videos.
A bigger video on social media implies more retention, more engagement, in particular from mobile devices.
If I decide to publish your 1-minute explainer on Youtube or Vimeo, it may not look as good as on other platforms. The solution is to produce both a landscape and a squared version. By doing so, though, I will split your video statistics.