Fakoyejo OlalekanYouTube Shorts is affecting the dominance of TikTok in the short clip videostreaming market, after the Alphabet-owned company reported 1.5 billion people viewed videos on the segment monthly.
The growth of the YouTube Shorts has been tremendous considering the product was launched two years ago. The company innovated from it’s long-form traditional video offering following TikTok’s emergence as the go-to entertainment spot among youths.
In a bid to loosen the grip of TikTok on the younger generation, both YouTube and Facebook, owned by Meta Platforms, created their short video offering of 60 seconds, mixing it with the long offering already on their platforms.
The spin-off YouTube product has become a money bag for Alphabet, compelling the company to create a $100 million fund, which will serve as a financial incentive for content creators offering long and short video clips to increase eyeballs on the platforms.
Commenting on the growth of YouTube Shorts, the firm’s chief product officer, Neal Mohan, said, “Shorts has really taken off and are now being watched by over 1.5 billion logged-in users every month.”
“We know the product will continue to be an integral part of the YouTube experience moving forward.” Mohan said, as the product is gearing up to become another revenue generating source for the $1.39 trillion market worth company.
While YouTube is encroaching into TikTok’s space, the latter is also creeping into the long-form segment long dominated by the sister-company of internet search engine, Google, as it reviews the firm’s consumer offerings.
TikTok’s parent company, ByteDance, is pushing out a 10-minutes long-form video, against the previous 3-minutes offering that has helped the company gather over one million monthly users, as at last year, since it was released to the public in 2016.
However, despite its growth within eight years, the company will be competing with Shorts, which is riding on the already established platform of YouTube.
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