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YouTube Ups Q3 Advertising Revenue 12% to $8.9 Billion
October 29, 2024
Google-owned YouTube, the world’s largest streaming video platform, Oct. 29 reported advertising revenue of more than $8.9 billion for the third quarter (ended Sept. 30). That is up more than 12% from revenue of $7.9 billion in the previous-year period.
YouTube, since its inception, continues to dominate the U.S. streaming video market. The platform topped household TV streaming market share with 10.6%, ahead of market leader Netflix (7.9%), and the next four streaming services (Prime Video, Disney+, Hulu and Tubi) combined, according to Nielsen.
Google Services increased its operating income almost 29% to $30.85 billion, from $23.9 billion on revenue of $76.5 billion. That’s up 12.5% from revenue of $67.98 billion a year ago.
The business segment includes products and services such as ads, Android, Chrome, devices, Google Maps, Google Play, Search, and YouTube. The unit generates revenue primarily from advertising; fees received for consumer subscription-based products such as YouTube TV, YouTube Music and Premium, and NFL Sunday Ticket, as well as Google One; and the sale of apps and in-app purchases and devices.
“YouTube’s total ads and subscription revenue surpassed $50 billion over the past four quarters for the first time,” Sundar Pichai, CEO of corporate parent Alphabet, said in a statement.
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