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According to CEO, YouTube plans to capitalize on Web3

 


Web3 is gaining popularity around the world, and YouTube's CEO said the company wants to capitalize on it.


YouTube CEO Susan Wojcicki announced yesterday that the company has plans to explore new technologies like Web3. This was announced by the video website's CEO in its annual letter to investors.


According to Wojcicki, YouTube will focus on expanding its capabilities to help creators take advantage of new technologies like non-fungible tokens (NFTs).


"The past year in the world of crypto, non-fungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has unveiled a previously unimaginable opportunity to expand the connection between creators and their fans,  " she said.


NFTs, the Metaverse, and Web3 are some of the most hyped terms in technology right now. Wojcicki added that the Google-owned company is working to expand its presence in these areas:


"We're always focused on expanding the YouTube ecosystem to help creators take advantage of new technologies, including things like NFTs, while continuing to strengthen and improve the experiences creators and fans have on YouTube .”


She added that the company takes inspiration from events around Web3. YouTube is the latest tech giant to show interest in entering the Web3 ecosystem.


The operating model of Web3 entities differs from that of Web2, which is dominated by companies like Google and a host of other giants.


In the third quarter of 2021, YouTube's ad revenue grew more than 40% to $7.2 billion. This is an improvement from the $5 billion recorded in the same quarter of 2020. YouTube is due to report its fourth-quarter earnings next week, and analysts expect it to improve quarter over quarter.


Wojcicki pointed out that YouTube plans to go deeper into podcasting, which could serve as another avenue for promotion and distribution. 


"As podcast usage continues to grow, we expect it to become an integral part of the creator economy," she added.

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