YouTube, the largest online video-sharing social media network, was started in February 2005 by Steve Chen, Chad Hurley, and Jewed Karim.
YouTube was purchased by Google for $1.65 billion in 2006 when it was one year old. Since then, it has grown from a tiny video streaming site to a multinational behemoth, impacting popular culture, internet trends, and spawning multimillionaire superstars. In 2020, YouTube’s revenue is expected to reach $19.8 billion. Google now manages all the services on YouTube.
With over one billion monthly users, YouTube is the second most viewed website in the world behind Google. Google also modified its economic strategy by owning YouTube, which does not earn money from advertising alone anymore.
YouTube now sells premium content including movies and exclusive material. YouTube and authorized producers are both members of Google’s AdSense program, which increases revenue for both sides.