Shivangini Rawat on August 14, 2022
YouTube is the second most visited website, after Google Search. YouTube has over 2.5 billion monthly users who view over one billion hours of video every day. YouTube is now preparing to launch a streaming video marketplace.
According to the Wall Street Journal, YouTube’s plans to launch a marketplace where users can subscribe to video streaming services are advancing. Since at least 2020, the service has been discussed. YouTube refers to it as a “channel store.”
According to the Journal’s sources, it’s expected to be launched this autumn. Alphabet, the parent company of Google, owns YouTube. It has “renewed talks with entertainment companies about participating in the platform.”
“The pitch is that the new YouTube channel store would offer great marketing for streaming services because consumers could watch trailers of shows or movies free on YouTube and then easily pay to subscribe to the service.”
During the Covid-19 pandemic, video streaming, which transformed how content was distributed, grew significantly as people turned to entertainment on their devices. In 2021, the global video streaming market was estimated to be worth more than $372 billion. It is expected to grow to about $473.4 billion this year and hit almost $1.7 trillion by 2029 at a compound annual rate of 20%.
If YouTube’s plans are fulfilled, it will be direct competition from Netflix, Amazon, Apple, and Disney, all of whom have established services and user bases. According to company data and analyst estimates, these companies have more than 600 million users worldwide.
According to the outlet, YouTube’s planned service would first be available in the United States, but will probably be launched globally. There is no mention of a timeline or phases for this. The company is also talking to potential streaming partners about splitting subscription revenue, “although the terms may vary widely for each partner”, it said.
Given its massive reach, a YouTube streaming service has the potential to compete with or perhaps surpass those companies. Let’s see what happens. To get the latest updates, keep an eye on Thirsty.
What’s your opinion on this one? Let us know in the comments!
August 14, 2022 9:14 am
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