Almost two decades ago, Netflix's shift to online streaming revolutionized the entertainment industry, sparking a competition known as the streaming wars. Today, nearly every major media company is involved in streaming, targeting a vast digital audience dominated by younger viewers. Media executives often differentiate between premium content for TV/streaming and content on platforms like YouTube. However, considering time spent, such distinctions seem meaningless . YouTube, acquired by Google in 2006 for $1.65 billion, is now valued at approximately $400 billion, surpassing the worth of Netflix, Disney, and Comcast combined.
Globally, YouTube is the second most visited website after Google, with a growing presence on TVs. Over one billion hours of YouTube content are watched on TVs daily, and the number of YouTube creators with most of their watch time from TV has increased by over 400% in three years. YouTube's success is partly due to its free access, appealing to younger audiences who avoid expensive cable TV.
YouTube thrives on user-generated content, with about 3.7 million new videos uploaded daily. This vast content creation, managed by creators rather than the company, saves YouTube billions. Despite initial skepticism from traditional media, recent surveys show that user-generated content is the preferred entertainment for Gen Z and younger millennials, with 71% of teens using YouTube daily and 20% using it almost constantly.
Vocabulary :
• streaming (noun): Watching videos or listening to music directly from the internet.
• content (noun): Information, such as videos or articles, available on the internet.
• platform (noun): A digital service or site where content is shared.
• creator (noun): Someone who makes content for the internet.
• audience (noun): The people who watch or listen to something.
• valued (verb): Estimated the worth of something.
• purchased (verb): Bought something.
• traditional (adj): Old-fashioned, not modern.
• preferred (adj): Liked more than others.
• generation (noun): A group of people born around the same time.