The Old and New Business Model of YouTube
YouTube is the second largest search engine behind its parent company Google, the site gets over one billion views per month, and in 60 days YouTube will generate more material than all 3 major US networks have generated in the past 60 years. Needless to say YouTube is a large part of our social media intake.
The Traditional Model
I visit YouTube every day, for multiple hours a day, so what I see tends to have a large impact on my thoughts and behavior, it is a part of my socialization. YouTube is a platform for company branding and advertising, and it isn’t just any platform, it is one of the most important platforms. In Concept5’s article it tells us that “The best-performing brands publish high volumes of content on a regular schedule”. Companies use YouTube to engage with their audiences by taking advantage of the traffic flowing through the sites and placing ads in front of frequently watched videos as well as creating their own channels to brand their specific product.
The New YouTube
In July Variety conducted a study to find out about teen’s and their favorite stars, the results were surprising. They found that “the five most influential figures among Americans ages 13-18 are all YouTube faves, eclipsing mainstream celebs including Jennifer Lawrence and Seth Rogen”. This is the new age of YouTube. The business model of YouTube is developing past the typical advertisement and self promotion, now there are celebrities forming out of the emerging platform. YouTube celebrities are becoming the new norm, with millions of subscribers and views, they are being paid big to keep regularly producing their popular content. In a Film Quarterly article YouTube videos and their popularity are cited to help explain how one video can mark the start of an entire career of YouTubing and the beginning of a celebrity status.
So What Does the Future Hold?
YouTube is changing and adapting to fit the needs of viewers and it has opened the doors as a new source of entertainment that is strongly competing with television. With kids today preferring the content and persona of YouTube stars over TV and film stars it begs us to ask the question of whether these two media will enter a downfall of that similar to radio?