YouTube revenue nearly doubled to $ 7 billion amid advertising rebound

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  • YouTube revenue climbed 84% year-over-year to just over $ 7 billion.
  • A post-2020 rebound in online advertising has contributed to the company’s success.
  • TikTok’s internal rival YouTube Shorts has more than doubled the number of daily views in three months.

YouTube’s revenue nearly doubled to $ 7 billion in the second quarter of 2021, fueled largely by a rebound in online advertising.

The video-sharing giant unveiled a strong three-month performance on Tuesday as part of parent company Google’s quarterly earnings announcement, as YouTube’s overall revenue jumped 84% from the previous year.

Google’s main products – its search engine and YouTube – depend on online advertising revenue to survive, but the COVID-19 pandemic caused digital marketing spending to plummet last year, hitting a number of tech giants. technology.

Fast forward to 2021, however, and YouTube has exceeded analysts’ expectations – with suggested revenues closer to $ 6.3 billion – and contributed to Google’s overall ad revenue up 69% from the previous year, to $ 50 billion.

In a conference call with investors, Google chief commercial officer Philipp Schindler said the “global shift to video and online streaming” has been key to the success of the company, its service of YouTube TV premium subscription becoming the company’s “fastest growing consumer service”. with 120 million monthly viewers in the United States alone, up from 100 million a year ago.

The company also revealed that its internal TikTok competitor, YouTube Shorts, had “surpassed 15 billion daily views worldwide,” more than double the 6.5 billion views it had just three months ago.

Speaking to investors, Google CEO Sundar Pichai said the company has set “a number of records” in the past three months, adding that it has paid YouTube creators more than any quarter in history.

Tuesday marked Google’s first earnings report since March, when it announced plans to move away from tracking individual users based on their internet activity.

Google profits also come as the company faces several antitrust lawsuits and possibly a stricter regulatory environment under a slew of new people appointed by Biden, such as Federal Trade Commission Chairman Lina Khan.

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