Subscription growth was driven by offerings like YouTube TV, NFL Sunday Ticket and YouTube Music Premium.
“We’re also focusing on enhancing the living room experience with features like multiview and a new option for creators to organize their content into episodes and seasons, much like traditional TV,” the company said in a blog post.
Since the 2006 acquisition of YouTube in a $1.65-billion deal, the company has strengthened Google’s fast-growing video business.
As of September 2023, YouTube has 518 million monthly active users (MAUs) in India compared with Instagram’s 244 million, according to Comscore data.
India has been a crucible for some of YouTube’s global product successes, including that of its short video format, Neal Mohan, CEO of the Google-owned platform, told ET.
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The Shorts- led contribution to the creator economy has seen a rise over the years.Mohan had told ET that the creator economy on YouTube has generated around Rs 16,000 crore of economic activity, producing 750,000 jobs in India. “We have paid out $70 billion to creators, musicians, artists, media companies in the last three years,” he added.
Google parent Alphabet announced its Q3 2024 earnings, reporting $88.27 billion in revenue for the July-to-September period. The company’s strategic investments in AI, coupled with its comprehensive, full-stack approach to AI innovation, have emerged as key drivers of its positive financial results.
The company said revenue grew 15% to $88.3 billion in the third quarter, above the Wall Street target of $86.3 billion. Alphabet’s efforts to control costs contributed to a 34% increase in net income compared to the same period last year, reaching $26 billion, or $2.12 per share.
“Our technology leadership and AI portfolio are helping us attract new customers, win larger deals, and drive 30% deeper product adoption with existing customers,” Google and Alphabet CEO Sundar Pichai said on the Q3 earnings call.
Google Cloud businesses continued to expand and revenue is up 15% from $77 billion in Q3 2023.
Google products and platforms with more than 2 billion monthly users use Gemini models, including the newest 2 billion-user product, Google Maps have seen rise in token volume, consumer usage and business adoption.
Recent AI advancements, including AI Overviews, that resolves user queries, will reach more than 1 billion MAU while Circle to Search is available on more than 150 million Android devices accounting for one-third people using it on a weekly basis.
The new Lens feature recorded visual searches per month exceeding 20 billion.
Pichai called the company’s AI innovation a “differentiated approach” that is guided by world class research teams with expertise in deep, technical AI research and a robust AI infrastructure that includes data centers, chips, and a global fiber network.
“We continue to invest in state-of-the-art infrastructure to support our AI efforts, including important work inside our data centers to drive efficiencies, while making significant hardware and model improvements,” the Google CEO wrote on X.
Rivals like Amazon, Meta, and Microsoft are scheduled to release their quarterly earnings on Wednesday and Thursday.
