A Short History of YouTube

webtrafficker By webtrafficker, 28th Aug 2010 | Follow this author | RSS Feed | Short URL http://nut.bz/1nv36h5m/
Posted in Wikinut>Guides>Web>Social Networks

YouTube is one of the most successful dotcom businesses. It began as a novel idea; which quickly became viral. Its short history carries the stuff by which virtual dreams are made off...

A Short History of YouTube

On any typical day on the Internet, you've probably come across a YouTube video. It wasn't long ago though that the idea of video streaming on web pages caught on like wild fire...

It all started when three former Paypal employees; Chad Hurley, Stephen Chen and Jawed Karim came upon an idea to combine the popularity of social networking with the viral possibilities of video streaming (user generated videos). Little did they know that in over a year's time, their Eureka! became so popular that Time Magazine named it "Invention of the Year".

Sequoia Capital (a venture capitalist) funded YouTube for $11.5 million from November 2005 to April 2006.

YouTube is one of those "garage inventions" (following the footsteps of Bill Gates and Steve Jobs - at least as how imagined it in the movie, "Pirates in Silicon Valley"). Stephen Chen, the programmer of the group was the one working on the idea of streaming video clips inside a web browser; using Adobe's Flash development language. Chad Hurley, a user interface expert, worked with adopting tags so that users can easily identify videos they like.

YouTube's first video was entitled Me and the Zoo with Jawed Karim at the San Diego Zoo

To make the story short, they eventually found a way to let users paste videos on web pages. The domain name YouTube.com was registered in Feb. 25, 2005, the beta test version started in May and after months of fine tuning, YouTube was finally launched in Dec. 2005. Talk about a hectic year! But that's just how it is in the dotcom world...

According to comScore, YouTube is America's dominant online video provider; accounting for almost 45% of the market.

YouTube became viral in no time at all. It gained 3 million visitors in its first month, tripled it in 3 months time, and reached 38 million visitors by the end of its first year in operation. It is one of the fastest growing websites in the history of the Internet.

Alexa ranks YouTube as the third most visited website behind Google and Facebook.

And then along came a spider...

As it is with other successful start-ups in the dotcom industry, the decision to sell it or fight to be one of the Internet giants is always a menacing proposition. In the end, YouTube sold it to Google for $1.65 billion worth of Google stocks in Dec. 2006 (not a bad pay off for a 2-year old project).

By May, 2010, estimates point to more than 2 billion videos being served by YouTube on a daily basis.

YouTube started off selling advertising space, made it much profitable with its merger with Google (banner advertising). It has ventured into the video rental business and is working on a pay-per-view movie service

Tags

Adverts, Social Networking, Video, Video Streaming, Youtube

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author avatar Denise O
1st Sep 2010 (#)

Nice article...good for those that dare to dream. Thanks for sharing.

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