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containing thousands of different videos for every taste: spoofs, pranks, videos from parties, concert footage, comic videos. “YouTube, a free Web site created last year to help people share homemade videos, has become a hit with users worldwide, drawing 34 million monthly visitors who watch an average of 100 million video clips a day. Now the young Internet star is at a critical point as it attempts to morph from quirky start-up into major-league media company” (Kehaulani Goo, 2006). • 2006 Astronomical speed of YouTube’s growth During a year and a half, the video-sharing site created just for fun has transformed into the most visited video platform. Probably the founders of YouTube did not expect that their startup will have such a big and rapid success, they were amazed and surprised by this enormous success. One of the owners of this startup said in an interview: "We're definitely in transition. We've received a lot of attention, but we've also got a lot of work to do and a long way to go" (Kehaulani Goo, 2006). YouTube was growing with astronomical speed, web traffic grew 75% just in the week, from 7.3 million to 12.8 million unique visitors. The number of views has grown even faster, increasing 515%, from 11.8 million in January to 72.4 million in June 2006 (O'malley, 2006). The website has become the fastest growing website in the world. • June 2006 – Signing a deal with channel NBC At that time the founders were faced a dilemma, how to convert the popularity of website to a real business, or in other words monetize it. Realizing the possibilities that are flowing from growing popularity of their website, the management began to think about some functional advertisement model, that will help to convert popularity into profit. The first big agreement about marketing and advertising was signed with the channel NBC in June 2006 (Knowledge@Wharton, 2006) “This agreement was important for fast-growing startup. In addition to broadening the range of video content available online, these deals are signs that web-delivered video is expanding from user-provided content to encompass more professionally authored (and legally licensed) material” (Knowledge@Wharton, 2006). 11PDF Image | Youtube a new era of TV
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