YouTube, which is owned by Google parent company Alphabet (GOOGL), says that it has paid $100 billion to creators, artists and media companies on its video-sharing platform since 2021.
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The spending surge has been fueled in part by growing viewership on internet-connected television sets. The number of channels making more than $100,000 from TV screens rose 45% over the past year, according to YouTube.
The heavy spending on YouTube content comes as the video-sharing platform marks its 20th anniversary and ascends to the top of the modern media industry. YouTube unveiled the spending on creators and a slate of new creator tools at its annual “Made on YouTube” event held in New York City.
New Tools
The company announced new artificial intelligence (AI) tools for YouTube Shorts, its short-form vertical video product. Going forward, creators will be able to turn raw footage into edited clips using AI and can add music, transitions, and voiceover to the short videos.
Additionally, Google’s latest AI video generator, called Veo 3, will be integrated into YouTube Shorts, said the company. YouTube turned 20 this past April and announced that it has hosted over 20 billion videos on the platform, including music, shorts, video podcasts, and more.
Is GOOGL Stock a Buy?
The stock of Alphabet has a consensus Strong Buy rating among 37 Wall Street analysts. That rating is based on 28 Buy and nine Hold recommendations issued in the last three months. The average GOOGL price target of $235.97 implies 5.97% downside from current levels.
