Chart of the Day: YouTube Challenges Online Video to Rise Up
YouTube (NASDAQ:GOOG) is a phenomenon. The online video site has more than 2 billion views per day, users upload 35 hours of video every minute, and more video is uploaded to YouTube in 60 days than the three major US networks — ABC (NYSE:DIS), CBS (NYSE:CBS), and NBC (NYSE:GE) — created in 60 years.
But stakes in the online video space are heating up as new shows such as Breakout on Yahoo!Finance (NASDAQ:YHOO) prove online players are positioning for the convergence of TV on the web. So, Google is announcing a $100 million investment in premium original content for YouTube. Translation: Google is going into the media production business.
I can hear the elders of media now: “Content is King!”