In the epoch of technological prowess and social media preponderance, social media sites like YouTube have expanded their tentacles in the world. The popularity of YouTube has touched the sky high over the years and has eventually turned out to be one of the most profitable ventures of Google.
The CEO of Google, Sundar Pichai has lauded YouTube and flagged that the revenue generated by YouTube is to grow further in the coming years. With more than two billion monthly users, the video streaming platform has maintained digital hegemony on the internet.
CEO Sundar Pichai in his latest interview mentioned that Google advertising business has accounted for around $39.6 billion with an uptick of 22 percent for the fourth quarter of 2018 of which YouTube contribution was gigantic. He further said that Youtube’s growth in the near future is inevitable and will witness a steep increase both in terms of prevalence and revenue generation.
A Brief Insight into the growth of YouTube over the years
From its launch in 2005, Youtube has witnessed enormous success and has revolutionalized the internet with its video streaming concept. YouTube has become the world’s second biggest search engine with more than 2 billion users. Reportedly, around 5 billion videos are watched daily on the video streaming platform.
Around every 60 seconds on an average 300 hours of HD quality videos are being uploaded on YouTube to contribute to already a humongous collection of 1,300,000,000 videos.
The video streaming platform, YouTube is owned by the parent company of Google named Alphabet. The revenue of the Alphabet accounted for $39.6 billion in the fourth quarter of 2018 with a notable increase. Even Sundar Pichai also affirmed that Google is witnessing a tremendous increment in the revenue generated by Youtube, but he didn’t reveal the exact figures.
But according to a third-party estimate from Business Insider, YouTube is generating a whopping revenue of around $ 8- 15 Billion as of 2018 which is approximately ten times from 2010. Also, it is estimated the revenue is to reach sky high with $ 27Billion by 2020.
The video streaming platform has not only turned out to be a profitable venture for Google but also have upturned lives of countless folks including legions of the bourgeois. According to the reports, the number of Youtube Channels with more than one million subscribers increased to nearly double in 2018 as compared to 2017. Sundar Pichai also revealed that the number of creators earning five or six figures on the platform has also grown by more than 40 percent.
Nascent features added to Youtube
The passage of success of Youtube has been through incessant transitions and upgradation of the platform. Recently, from past few years, Youtube has been putting stress on burgeoning its subscription services, especially like YouTube Music, YouTube Red, and YouTube Premium.
The nascent feature of the YouTube, the YouTube Premium service allows users to view videos on the platform without advertisements. This budding service also allows the users to download the videos to watch them offline. Though this nascent feature is in the beginning phase, it has already gained a foothold in nearly around 30 countries.
Apart from Youtube Premium and Youtube Music, the video streaming platform has also launched YouTube TV which is currently preponderating in the US. In an overture to expand YouTube TV, Youtube has announced to expand it to the nook and corner of the US.
Scope of further growth
Ever since its launch in 2005, Youtube hasn’t looked back and has morphed the platform with lucrative and luxuriant upgrades and features. From a website to the host of amateur videos to now a TV, the journey of Youtube has been remarkable and prosperous.
With more than 2 billion users and millions of creators, the most popular video streaming platform has become part and parcel of the life of people. Seeing the growth of Youtube over the years along with new enriched features, it can be prophesied that the platform is all set to take progressive leaps in the future too.
Sources: The News Minute
Image Source: Makeuseof, CNBC.com