YouTube CEO Susan Wojcicki said Tuesday that the video service will evolve to help content creators capitalize on technologies like NFTs. In her annual letter outlining the company’s priorities, Wojcicki didn’t talk about specific plans for YouTube, but made it clear that the resource will evolve in areas that are rapidly gaining popularity, including blockchain and Web3.
“Last year’s advances in the world of cryptocurrencies, non-fungible tokens, and even decentralized autonomous organizations showed a previously unimaginable opportunity to strengthen the bond between content creators and their fans,” said Wojcicki. “We are always foncusing on expanding the YouTube ecosystem to help content creators capitalize on emerging technologies like NFT”.
Wojcicki said YouTube draws inspiration from “everything to do with Web3”. Recall that 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 around things like blockchain technology, cryptography, and decentralized platforms. It’s a very different product than the current Internet model; which has been dominated by Google and a few other big companies over the past decade.
Wojcicki also said that YouTube plans to focus more on podcasts; which will give content creators more ways to engage with subscribers. In addition, she revealed that Shorts, a short video platform built to compete with TikTok, has amassed 5 trillion views since its launch in 2020. Wojcicki said the company is now in the early stages of testing how shopping tools can be part of Shorts.
The YouTube CEO’s letter ended with concerns about increased regulatory scrutiny of Google’s activities. She believes that tighter regulation could have unforeseen consequences that would negatively impact the content creator community.
YouTube To Outrun Netflix In 2022 And Become The ‘Media King’
Currently, Netflix is on everyone’s lips. But it’s not the only streaming media service. According to Tom’s Guide, the list of the best streaming services now is led by HBO Max. Netflix is in the second position. Not surprisingly, Disney Plus ranks third. Well, you can get acquainted with the list by following the link. However, everything could change soon. As Business insider quoted Mirabaud Equity Research, the rapidly growing YouTube ought to replace Netflix in 2022 and become the largest streaming media service provider.
We understand that YouTube and Netflix have only a few things in common. Moreover, if YouTube is a social media platform, Netflix is specialized in quite different kinds 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 although Netflix has long been the leader in the field in terms of revenue. But YouTube’s growth is to surpass Netflix this year.