YouTube is Broken: Why You Need a Social Media Strategy
27YouTube is broken, right? Is YouTube dying? Is YouTube doomed? It depends on how you define dying and doomed.
YouTube has over a billion monthly users, almost a third of all internet users, and millions of hours of video are watched daily.
But somehow YouTube still can't turn a significant profit with their ad-based business model.
YouTube is still in the investment stage, according to Susan Wojcicki, CEO of YouTube.
"We are still in investment mode," Wojcicki said at the Fortune Most Powerful Women summit in Laguna Niguel, Calif. in October 2016.
She explained further that the declining TV viewership of people in the 18 to 34-year-old segment represents a massive opportunity for her team, which Google (GOOGL, -1.47%) bought for $1.6 billion in 2006.
Areas where they are investing, she added, include virtual reality. "There's no timetable," she said, referring to a question on profitability.
So what does all this mean for your Social Media Marketing Strategy? The same thing it's always meant. Don't put all your eggs in one basket and always be prepared for contingency.
Do I believe YouTube is "doomed?" Absolutely not. If nothing else, it's a huge loss leader for Google and Alphabet. But, innovation and disruption happen faster in today's global economy than they ever have. As such, YouTube could certainly face some stiff competition beyond Snapchat and Facebook video.
Your business should approach YouTube for what it is...A platform where you can provide assistance and information to customers. Should the platform change, all you need is to be prepared to jump to the next system using the appropriate strategy for its unique behavior and audience.