In the ten years since it’s launch, YouTube has become synonymous with online videos, becoming the world’s go-to spot to see everything from piano playing cats to concerts to DIY videos for projects around the house. It is also Ivan Ong’s favorite place on the web. Saying “YouTube it” is almost as common as saying “Google it” when referring to any kind of online search. Ironic since the search engine has owned YouTube since 2006.
It’s reported that 300 hours of video are uploaded to YouTube very minute. And hundreds of millions of people visit the site daily, resulting in billions of views. It’s no surprise it now sits as the third most popular site on the internet, behind only Facebook and of course Google. But having such massive size and traffic does not necessarily mean it has been a cash cow for it’s owner. Some analysts say quite the opposite. Speculating the video streaming site is not profitable. Google has never confirmed whether the site itself makes a profit.
Despite the success of artists like Psi who’s “Gangnam Style” video has more than 2.3 billion views, the majority of YouTube content is user generated. Meaning videos of recitals, little league games and your cousin’s wedding. These videos are not going to drive advertising revenue, yet still require storage and bandwidth, and limits the video site’s profit potential.
Google is planning a birthday celebration for May 10th, the date the site went public.