YouTube is one of the most popular video-sharing platforms based in San Bruno, California. It was incepted by three former employees of Paypal- Chad Hurley, Steve Chen, and Jawed Karim in February 2005. The following year it was bought by Google for US$1.65 billion, and since then, it operates as one of Google’s subsidiaries.
YouTube allows its users to upload a wide variety of user-generated as well as corporate media videos, including music videos, television show clips, documentary, movie trailers, recordings, live streams, and many more. Users can also rate, share, like, comment, report, and subscribe to other channels.
Although most of the content uploaded on the site is by individuals, big media corporations such as BBC, Hulu, CNBC, and others also upload their content on YouTube. With the help of Google Adsense, both YouTube and the creators earn advertising revenue, which targets ads according to the content and the viewers.
YouTube was founded on February 14, 2005, by Steve Chen, Chad Hurley, and Jawed Karim, who were the former employees of PayPal. According to one of the founders, the inspiration for creating YouTube came during the 2004 Super Bowl when he wanted to see the video clips of the event online but wasn’t able to find any. Hence, they decided to start a video sharing site where anyone can upload any form of video content from any part of the world.
Initially, YouTube started as a venture capital startup with the initial funding of $11 million by Sequoia Capital and $8 million from Artis Capital Management. The first-ever video uploaded on YouTube was titled “Me at the zoo,” which was uploaded by the founder Jawed Karim on April 23, 2005. The first video to reach a million views on the site was Nike, which featured Ronaldinho.
Initially, YouTube did not have much market recognition. However, just after a week of it’s launching the television show, Saturday Night Live started uploading its skits on the video-sharing platform, which received more than five million collective views.
Later, the site grew rapidly, and in July 2016, YouTube officially released a statement that more than 65,000 new videos were being uploaded each day, and the site was getting more than 100 million views through them. As of 2010, YouTube had a market share of forty-three percent of all the online companies, and it received more than 10 billion views every day.
In 2011, 48 hours of new videos were being uploaded every minute on the site, which increased to 400 hours every minute in 2017. In 2010, YouTube began the free streaming of the Indian Premier League and became the first online platform to broadcast a major sporting event.
In 2011, YouTube was integrated with the Google Chrome web browser and the social networking site Google+. In 2015, YouTube also released a mobile app, “YouTube Kids,” for providing an enhanced experience for children. In the same year, it also released “YouTube Gaming” for live streaming video-games, “YouTube Red,” which offered ad-free access to all content on the site and “YouTube Music” for streaming music-oriented content.
Awards & Achievements
YouTube is the biggest video-sharing site in the world, which has more than 2 billion monthly active users. It is also the second most trafficked website after it’s the parent company, Google.
Every day more than one billion hours of videos are watched on the website. In 2018, YouTube was named as the most popular IOS app. In 2007, YouTube became the first video-sharing website to host the presidential debate for the 2008 election cycle.
Net Worth of YouTube in 2020
As of October 2020, YouTube has an estimated net worth of more than $190 billion. It generates most of the revenue through video advertisements. In 2006, YouTube made its first advertising partnership with NBC. Later, it struck deals with MGM, BBC, CBS, and other media companies.
In 2007, it launched its Partner Program, Adsense, which helped the creators to share the advertising revenue. The site keeps 45 percent of the advertising revenue, and the rest is given to the content creator. Eight-year-old Ryan Kaji is the highest-earning YouTube creator who made over $29 million in the year 2019. T-Series, which has subscribers more than 120 million, is the most subscribed channel on the platform.
YouTube is the biggest video-sharing platform in the world. It’s smart business practices, and ad management has helped the site to skyrocket its financial worth. YouTube has been successful because it has brought people together from across the globe, and precisely that interaction between a content creator and it’s audience has made the site worth as much as it is today.