Web3 is starting to gain popularity globally, and the CEO of YouTube said the company is looking to capitalize on it.
YouTube CEO Susan Wojcicki revealed yesterday that the company has plans to explore new technologies such as Web3. The CEO of the video website made this known in her annual letter to investors.
According to Wojcicki, YouTube will be focusing on expanding its features to help creators capitalise on new technologies such as non-fungible tokens (NFTs). She said;
“The past year in the world of crypto, non-fungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans.”
NFTs, the metaverse and Web3 are some of the most hyped terms in the tech space at the moment. Wojcicki added that the Google-owned company is working on expanding its presence into those areas. She wrote that;
“We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs while continuing to strengthen and enhance the experiences creators and fans have on YouTube.”
She added that the company has been getting inspiration from events happening regarding Web3. YouTube is the latest tech giant to declare its interest to enter the Web3 ecosystem.
The model of operation of Web3 entities differs from that of Web2, which is dominated by the likes of Google and a host of other giant corporations.
In the third quarter of 2021, YouTube’s ads revenue surged by more than 40%, hitting $7.2 billion. This is an improvement from the $5 billion recorded in the same quarter of 2020. YouTube will report its fourth-quarter earnings next week, and analysts expect it to improve quarter-over-quarter.
Wojcicki pointed out that YouTube is planning to go deeper into podcasting, which could serve as another avenue for promotion and distribution. She said;
“As podcast usage continues to grow, we expect it to be an integral part of the creator economy.”