YouTube CEO says the company has plans to capitalize on Web3

YouTube CEO Susan Wojcicki said that the company would expand to support creators capitalize on new technologies like NFTs.

In her annual letter, Wojcicki wasn’t clear about YouTube’s plans. But she said that the popular video site would keep up with the current hype.

Wojcicki talked about crypto, NTFs, and even decentralized autonomous organizations (DAOs). She wrote that these industries had emphasized a once unbelievable opportunity to connect creators and their fans.

Susan Wojcicki revealed that the company wants to expand its monetization capabilities to help creators benefit from new technologies like digital tokens. Wojcicki explained that YouTube is exploring ways to help creators capitalize on new forms of digital media that may become more prevalent in the future.

This change could mean exploring new ways for creators to sell their content through YouTube, like how musicians sell music on the platform today. Also, it might be providing tools for creators to build their own private marketplaces where fans can buy custom merchandise. The YouTube CEO didn’t dive into specifics, but she hinted at some of these possibilities.

The digital economy is evolving. The world’s largest video site refers to itself as a “platform for creators.”

YouTube on its way to expand

YouTube’s growing ad revenue reflected new advertisers shopping on the platform. It also showed existing advertisers expanding their spending. The company said new advertisers on YouTube include financial services companies, a major car manufacturer, a major fast-food chain, and a major department store chain.

Advertisers signed up through YouTube’s self-service platform include a bank and a credit card company. Previously, advertisers on YouTube were large “brands,” meaning companies that manufactured products or provided services.

In the third quarter, ads revenue increased 44% to $7.22 billion from $5.05 billion in 2021. The company will release fourth-quarter earnings next week.