YouTube was founded in 2005 by three former PayPal employees, after they noticed a lack of a market for a video sharing website. YouTube went on to be bought by Google for $1.65 billion, and since then it has been a media giant.
The advent of digital media has started a revolution, such that some of the biggest media corporations in the world now use the site to share their own material as part of the YouTube Partnership Program. Companies are starting to understand the power of the website on the media industry as a whole. In fact, most entertainment and broadcast companies now have their own YouTube channel.
Most content uploaded on the website comes from individuals, who considers YouTube as their job and considers it to be their primary source of income. This has had an outstanding impact on the entertainment industry, especially considering that many people have turned these videos into a successful career.
The rise of YouTube has forced the rest of the media industry to recognise it as a legitimate content creators and entertainers, and acknowledging their popularity in the mainstream entertainment.
Many in the industry are creating content purely for the online audience, and not for the purposes of the television, as online entertainment is quicker, easier and more accessible. Nowadays, YouTubers are considered as celebrities in their own rights. With most of them making huge amount of money, with the help of YouTube partnership, GoogleAdsense and by collaborating with companies for sponsorships and advertisement.
YouTube is particularly popular as it caters to the current interests of most people, suiting the needs of the average modern day person more than traditional entertainment. With the changing times and preferences in viewers, entertainment industry continues to move online. People are becoming more and more busier, and a result, have less time to sit in front of a television.
Another reason for the popularity of the video sharing website is the evolution of technology and the changes that it has brought with it. With mobile devices becoming more and more futuristic, the entertainment industry is also coping to be in pace with the changes. YouTube is on the same track, with its apps catering to the entertainment on the go audience. This in turn has helped YouTube to gain more popularity, as more and more viewers has the option to enjoy their selective content, mobile.
It is believed that YouTube will soon become an all-encompassing entertainment service, where users will watch and listen and play as interactive experiences. And with virtual reality getting incorporated into the website, it is a question of when and not how anymore.
Doesn’t matter how the website changes in the future, it is clear that YouTube has changed the entertainment industry for good.