YouTube CEO Susan Wojciechski said on Tuesday that the video service will evolve to help content creators benefit from technologies like NFTs. In her annual letter outlining the company's priorities, Wojciechski did not reveal specific plans for YouTube, but made it clear that the resource will grow in fast-growing areas, including blockchain and Web3.
"Last year's advances in the world of cryptocurrencies, non-fungible tokens, and even decentralized autonomous organizations demonstrated a previously unimaginable opportunity to strengthen the connection between content creators and their fans," said Wojciechski. "We're always looking to expand the YouTube ecosystem to help content creators benefit from new technologies like NFT."
Wojciechski said YouTube draws inspiration from "everything related to Web3." The term Web3 most often means the next step in the evolution of the Internet. According to Web3 proponents, the Internet of the future should be based on things like blockchain technology, cryptography, and decentralized platforms. It's a very different product than the current model of the Internet, which has been dominated by Google and a handful of other big companies for the past decade.
Wojciechski also said YouTube plans to focus more on podcasts, which will give content creators more opportunities to engage with subscribers. She also reported that Shorts, a short-form video platform created to compete with TikTok, has amassed 5 trillion views since its launch in 2020. Wojciechski said the company is currently in the early stages of testing how shopping tools can be part of Shorts.
The YouTube CEO's letter ended with concerns about increased scrutiny of Google by regulators. She believes that tighter regulation could have unintended consequences that would negatively impact the content creation community.
YouTube will overtake Netflix in 2022 and become the "media king"
Nowadays, Netflix is on everyone's ears. But it's not the only streaming media service. According to Tom's Guide, the list of the best streaming services is currently topped by HBO Max. Netflix is in second place. Unsurprisingly, Disney Plus is in third place. Well, you can familiarize yourself with the list by following link to the site. However, things may change soon. As reports Business Insider According to Mirabaud Equity Research, fast-growing YouTube is set to replace Netflix in 2022 to become the largest streaming media service provider.
We understand that YouTube and Netflix have only a few things in common. In addition, while YouTube is a social media platform, Netflix specializes in completely different types of services. But YouTube's emphasis on video content makes it a strong competitor to streaming providers including Netflix. Mirabaud Equity Research analyst Neil Campling said that while Netflix has long been the industry leader in terms of revenue, YouTube's growth should outpace Netflix this year.
