The tech giants Google, Twitter, Meta (formerly knowns as Facebook), Next Earth have welcomed Web3 technologies wholeheartedly. Social Media enthusiast YouTube is considering accepting NFTs for further tech expansion and revenue generation medium for creators. Recently, YouTube CEO, Susan Wojcicki, in a letter to creators mentioned Web3 as a “source of inspiration to continue innovating on YouTube”.
The 53-year-old, Susan Wojcicki, has been in the tech industry for over 20 years. She played a major role in founding Google and worked as the first marketing manager in 1999. She considers that the next evolution of the internet will involve blockchain technology, crypto, and decentralized autonomous organizations (DAOs). The focus is to implement NFTs for expanding the YouTube ecosystems and help creators to capitalize more.
Last week we came across Twitter’s post for implementing NFTs as profile pictures for Twitter Blue Subscribers. We all can assume that YouTube is working around the clock to gather more users and improvise all over the creator experience. In 2020, YouTube released a very interesting product “Shorts” in order to reach audiences faster. The latest letter issued states that ” Shorts has hit 5 trillion views” and is still counting. With this huge amount of views and content creators, YouTube’s ads revenue has risen 43% to $7.21 billion from $5.01 billion last year. Matching Google’s overall revenue growth.
Also, read - Twitter implementing NFTs to engage more users
Moreover, YouTube’s creative ecosystem is not just focused on generating revenues but also has emerged as the biggest GDP improver for countries like Brazil, South Korea, Australia, Canada, European Union, and Japan. Through its social media platform, YouTube has created 800,000 jobs in 2020 in the above countries combined. YouTube is now more focused on generating other sources of income through its tools for content creators.
The Social media giant plans to hire more people for more progress in additional sources of revenue, improving creator experience, shorts, music, gaming, shopping, learning, and sustainability.