"Google Reports Over 2 Billion Monthly Logged-in Users Engaging with YouTube Shorts"
Google's YouTube Shorts Surpasses 2 Billion Monthly Logged-in Users, Outshining TikTok and Instagram Reels
chandni
In a recent announcement, Google revealed that its YouTube Shorts platform has achieved a significant milestone, attracting over 2 billion monthly logged-in users. This impressive figure demonstrates YouTube's dominance in the short-form video market and positions it ahead of competitors like TikTok and Instagram Reels. The current number marks a substantial increase from last year's 1.5 billion monthly logged-in users for YouTube Shorts.
During the Q2 2023 earnings report, Google disclosed that YouTube's ad revenue had soared to $7.67 billion, surpassing analyst expectations and boasting a notable 4% year-on-year growth. To strengthen its premium ad offerings, Google is introducing 30-second unskippable ads to YouTube Select.
Beyond advertising, Google is actively expanding its offerings through YouTube. Notably, the company initiated pre-sales of the NFL Sunday Ticket subscription, scheduled for streaming in the upcoming Fall season. Additionally, YouTube has partnered with Warner Bros. Discovery to provide a Max-NFL Sunday Ticket bundle on YouTube TV.
One noteworthy trend is YouTube's success in reaching 150 million users on Connected TV screens in the United States, with signs of similar growth in global markets. While Google previously reported having 80 million paid users across YouTube Premium and Music last year, an updated figure was not provided during the Q2 2023 earnings call. Recently, YouTube implemented price increases of $2 for its individual premium plan and $1 for its Music plan in the U.S.
In terms of overall financial performance, Google had a strong quarter, with both ad and cloud revenues experiencing significant growth. The company recorded a total revenue of $74.6 billion for the quarter ending June, a notable increase from the $69.7 billion generated in Q2 2022. As a result of these positive results, Alphabet's shares saw a nearly 7% increase in after-hours trading.
In a recent leadership development, Ruth Porat, the Chief Financial Officer of Alphabet, was promoted to the role of President and Chief Investment Officer. This new responsibility grants Porat oversight of Alphabet's other divisions, including self-driving company Waymo, health-focused Verily, and Google Fiber.
