YouTube Shorts reaches over 2 billion monthly users, surpassing TikTok and Instagram Reels
Google announced that its short-video platform, YouTube Shorts, now has more than 2 billion logged-in monthly users. This gives it a competitive advantage over rivals TikTok and Instagram Reels, with an increase from the 1.5 billion users reported last year.
YouTube earns $7.67 billion in Q2 through ads, exceeding expectations
In its Q2 2023 results, Google revealed that YouTube generated $7.67 billion in ad revenue, surpassing analyst estimates and demonstrating a growth rate of 4% compared to the previous year. Additionally, YouTube Select, the premium ad offering, will soon include 30-second unskippable ads.
Expanding its offerings beyond ads
Aside from advertising, YouTube is focusing on diversifying its services. In April, the platform began preselling subscriptions for NFL Sunday Ticket streaming, starting this fall. Furthermore, YouTube TV has partnered with Warner Bros. Discovery to offer a Max-NFL Sunday Ticket bundle.
Strong presence on Connected TV screens; Paid user numbers undisclosed
With over 150 million viewers on Connected TV screens in the U.S., YouTube’s global reach continues to grow. Although Google had previously reported 80 million paid subscribers across YouTube Premium and Music, no update was provided during the Q2 2023 earnings call. Recently, YouTube raised prices by $2 for its individual premium plan and $1 for the Music plan in the U.S.
Positive quarterly results drive Alphabet shares up 7%
Google’s parent company, Alphabet, achieved positive quarterly performance with increased revenues from both ads and cloud services. The company generated $74.6 billion for the quarter ending in June, up from the $69.7 billion earned in Q2 2022. This success led to a nearly 7% increase in Alphabet shares during after-hours trading.
Alphabet appoints Ruth Porat as President and Chief Investment Officer
In a promotion within Alphabet’s leadership team, Ruth Porat has been elevated from Chief Financial Officer to President and now oversees divisions such as Waymo (self-driving company), Verily (health-focused division), and Google Fiber.
