Love it or hate it, social media is everywhere, and if you aren’t making money using it, then you are truly missing out. Millennials and the Gen-Z crowd are often criticized for their lack of traditional values and non-conformity, but there’s no denying their ability to use technology to generate money.
In 2006, Google purchased the YouTube website for $1.65 billion and kept a tight lid on the details around the revenue generated from the site. On Monday, Google dropped a bomb on the business world when they revealed YouTube ads generated $5 billion over the last three months and annual revenue of $15 billion last year. This only represents about ten percent of Google’s overall income and pales in comparison to larger platforms like Facebook and Twitch.
According to Google, YouTube has over 20 million premium ad-free subscribers and 2 million paid TV premium subscribers, which contributes greatly to its overall financial performance. Albeit, Google’s parent company boasts $46 billion in revenue for the year 2019 alone.⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
In spite of its overwhelming success, YouTube is still a growing business. Revenue increased 35 percent from $11.2 billion in 2018 to $15 billion in 2019 and is still expected to grow. If you are debating on whether or not to join the host of people using YouTube, this is your sign just to take the leap of faith. There’s more than enough money out here for everyone.