YouTube is an American video streaming and social network platform founded in February 2005 by Steve Chen, Chad Hurley, and Jawed Karim. Every day, YouTube users view an average of one billion minutes of video. YouTube content creators called YouTubers can upload more than 500 hours’ worth of content every minute.
Google purchased $1.65 billion in exchange for YouTube in October of 2006. Since then, the company has grown from a modest streaming service to an important service that influences popular culture and trends on the Internet and has led to the development of multimillionaire stars.
With more than one billion people who visit YouTube every month, YouTube is the second most popular website afterGoogle. There is an option to buy YouTube subscribers with YTpals.
1. Product Strategy:
YouTube is a website for sharing videos that let users post and upload videos.
Anyone can view videos on the site; however, only registered users can upload their videos. It’s put music and documentaries, news and dramas, films, and a range of videos for users to watch. The main product categories are YouTube Go, Kids, Music, YouTube Originals, YouTube Premium, YouTube Studio, and YouTube TV.
2. Price Strategy:
Anyone has access to YouTube at no cost. This has been among the significant factors behind YouTube’s growth. However, not all of the services are available for absolutely free! YouTube TV, for instance, is priced at $64.99 per month and comes with six accounts. It offers more than 85 of the top entertainment channels, news, sports, etc. Shows can be recorded without having to worry about storage limits.
YouTube’s pricing strategy has proven highly effective, combining paid and complimentary services.
YouTube marketing is affordable. Many businesses use YouTube as their platform for advertising with a budget of about PS6 per day for local ads. YouTube usually charges advertisers only when viewers view their ads or participate, like clicking on an overlay with a call-to-action.
3. Place Strategy:
YouTube is accessible across all intelligent devices and significant browsers; however mobile devices account for 70% of the total watch time. YouTube is available in more than 100 countries, and viewers can access its shows in more than 80 languages (YouTube 2020).
However, it is to be taken into consideration that YouTube isn’t available in every country. In addition, it sometimes bans certain YouTubers for breaking its terms of service online and then removes its content off the platform.
4. Promotion Strategy:
One of the most significant factors driving YouTube’s growth globally is word-of-mouth. Every minute, about 500 hours of video content are uploaded, and millions of viewers view and share the videos. YouTube is a name that spreads YouTube from one side of the globe to another.
YouTube is also a method for sales promotion. For example, to encourage advertisers to join its platform to conduct digital marketing, It often provides $100 of credit per each $50 they spend on video advertisements.
1. The Strengths of YouTube
- The largest video-sharing website: Simply put, YouTube is the world’s biggest video-sharing site. YouTube has millions of views and is growing each day.
- Concept of Viral: Viral marketing is the term that came into existence because of YouTube videos. In reality, when social media first began to emerge initially, it was concentrated on YouTube videos, which soon became popular. YouTube could be considered to be the place where viral marketing.
- Big revenue generator for parent business: Google, now Alphabet, was YouTube’s parent company. Due to the sheer amount of people that visit YouTube each day and the revenue from advertising, YouTube is one of the major income generators for the parent company.
- Multiple-language support: YouTube can be accessed in over 34 different languages, including several localized versions. The multilingual feature helps make users feel more comfortable and boost traffic to the website.
2. YouTube’s weaknesses YouTube
- Podcasting is growing in popularity: More and more bloggers and podcasters are moving to YouTube and focusing on podcasts that earn direct cash from companies. Additionally, Vimeo is increasing in popularity. Many users think that YouTube is becoming too loud for businesses.
- Social Media videos that are shared: The majority of videos uploaded to Facebook and Twitter can be uploaded to social media sites. However, social media websites do not permit YouTube-linked videos to upload as the demand for social media-related videos increases and the number of YouTube videos diminishes. Social media sites like Facebook are trying innovative ways to make money from video content.
- Copyright material: A significant issue that YouTube has faced repeatedly is the upload of copyrighted content as original content, resulting in revenue loss to creators of the original content creator. Films are leaked on the Internet at a rapid rate.
3. Opportunities for YouTube
- New customers coming from websites: The company has invested significant funds into the online platform in the past few years. This investment has given YouTube a brand new sales channel. In the future, YouTube will benefit from this investment by better understanding its customers’ needs and how to meet them by using large-scale data analysis.
- The adoption of the Internet and Smartphone: The adoption of the Internet is growing. Even the remotest locations are now connected to the Internet. This is also true for phones. With YouTube becoming increasingly popular and Android as the largest and most commonly utilized mobile operating system, YouTube is installed on all smartphones, increasing in use.