YouTube Defies Expectations with Impressive Q3 2024 Results
Despite facing stiff competition from TikTok and Meta's family of apps, YouTube's latest figures are a breath of fresh air for content creators.
In Q3 2024, YouTube's advertising revenue surged by nearly $1 billion compared to the same period in 2023, reaching $8.9 billion for the three months ending September 30. This represents a 12% year-over-year increase.
The growth was driven by brand advertising products, followed by direct response ads, both of which saw an increase in advertiser spending during the quarter.
YouTube's success has also contributed to its parent company, Alphabet, boosting its subscription revenue, primarily driven by the growing number of paying subscribers to its services, particularly MVPD YouTube TV and YouTube Music Premium.
As a result, YouTube's combined advertising and subscription revenue has exceeded $50 billion over the past year.
The number of creators earning the majority of their income from YouTube has increased by over 30% compared to the previous year. Moreover, over 70 billion YouTube Shorts are viewed daily. Since October 15, the platform has allowed creators to upload Shorts with a maximum duration of three minutes.
The cherry on top is that Google Deepmind's AI-powered video generation model is set to be integrated into YouTube Shorts by the end of the year, making it available to creators. So, don't count YouTube out of your content distribution channels just yet!
