Even as linear TV continues to struggle, the video advertising market on YouTube continues to grow. The Google-owned video platform Thursday reported advertising revenue of $8.1 billion in the first quarter of 2024, up more than 20% from $6.7 billion in the same quarter one year ago. Wall Street estimates were for YouTube ad revenue of $7.7 billion. (THR)
That figure doesn’t include subscription revenue generated by YouTube. In 2023, Alphabet’s subscription services—including YouTube Premium and YouTube TV—generated $15 billion in revenue. (Variety)
Parent company Alphabet’s revenue increased 15% from $69.79 billion a year earlier, the fastest rate of growth since early 2022. Net income jumped 57% to $23.66 billion, or $1.89 per share, from $15.05 billion ($1.17) a year earlier. (CNBC)
Search advertising revenue rose 14% to $46.2 billion and remains the core of Google’s very lucrative business. (Bloomberg)