Time Magazine recently called YouTube one of the biggest tech failures of the past decade, which was hilarious. Hilarious in that the site is by far and away the most popular site for video on the web, and has revolutionized the way we view videos, period. Today brings another amazing stat about the site: Every single minute, over 20 hours of video are now uploaded to YouTube.
Think about that for a minute. In that minute, nearly a days worth of footage will have been uploaded. And the pace is quickening. Back in 2007, shortly after Google bought the service, it was 6 hours of footage being uploaded every minute. As recently as January of this year, that number had grown to 15 hours, according to the YouTube blog. Now it’s 20 — soon it will be 24. That’s insane.
It’s true that YouTube is not making Google any money, but when a site has this much dominance over a market, one way or another, there will be a way to effectively monetize it. The big Hollywood studios are already showing an increasing interest in using the platform, as are others — like ESPN.
Meanwhile, YouTube continues to become a bigger part of Google’s larger social picture. Today, the service added a way to immediately record a video response to a video after you watch it. Sure, this is basically what Seesmic has been doing for a while now — but Seesmic doesn’t have 20 hours of video being uploaded every minute.