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YouTube CEO Wojcicki says video site has plans to capitalize on Web3

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Susan Wojcicki (CEO, YouTube) speaking at #VidCon on July 23, 2015.

CNBC| CNBC

YouTube CEO Susan Wojcicki announced Tuesday that YouTube would expand to “help creators capitalize” on NFTs. 

In her annual letterWojcicki, the Google-owned firm’s chief executive, didn’t give any details about YouTube’s plans but did say that YouTube will play in the areas most hyped.

Wojcicki said that the past year has seen the rise of non-fungible tokens (NFTs) in crypto and decentralized autonomous organisations (DAOs). This highlights a new opportunity to increase the connections between creators, fans and creators. We are always trying to expand the YouTube ecosystem in order to assist creators with emerging technologies such as NFTs. While strengthening and enhancing the YouTube experiences for fans and creators alike, we’re also focused on the YouTube platform.”

Wojcicki stated that YouTube was inspired by “everything happening on Web3”, a term which has been heatedly debated. TwitterThis is now the new evolution in the internet. It involves blockchain technologies, crypto and distributed platforms. This is a world that’s very distinct from the internet we have today, which has been dominated by Google and other large corporations for the past two decades.

YouTube, a social media platform that uses futuristic language to describe its future and orients its strategy towards a digitally changing economy is just the latest example. YouTube is vaguely telling creators they will have opportunities to make money, despite the changing model.

Third quarterYouTube’s ads revenues increased 43% from $5.04 billion to $7.21 Billion a year earlier, which is similar to Google’s overall revenue growth. Next week will see the release of fourth quarter earnings by the company.

Wojcicki said that YouTube intends to get deeper into podcasting. It would offer another channel for promotion and distribution.

Wojcicki said that as podcast usage grows, they anticipate it to form an integral part in the creator economy.

Google is intensifying its efforts to rival TikTok’s short viral videos. Wojcicki stated that YouTube’s competitor product, Shorts, has reached “5 trillion all-time views” since its introduction in 2020. Google’s last usage update was in July 2021. CEO Wojcicki said that Shorts, a rival product to YouTube, had reached “5 trillion all-time views” since its introduction in 2020. Sundar PichaiThey were winning shorts 15 billion daily views.  

Wojcicki explained that Shorts is still in an early stage of testing the integration of shopping with Shorts. YouTube plans to hire more employees so that it can give creators more details about policy violations.

She closed her letter by addressing regulation. Google is currently the focus of many investigations, both domestically and internationally, for its alleged monopoly and support of misinformation.

Wojcicki stated that “We are currently in compliance with regulations across the globe.” We are concerned about the potential unintended consequences of new regulations that may have an impact on the creator community. This is especially true for legal speech regulation.

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