A continued deceleration for YouTube comes as the platform races to catch up with TikTok, mainly through a lookalike feature called Shorts.
It’s yet another indication that in the face of increased competition and a downturn in the economy, marketers are withdrawing their support from some digital channels. In the third quarter, Google’s revenue increased 6% year over year to reach USD 69.1 billion, according to an earnings report from parent company Alphabet. In the meantime, YouTube’s revenue dropped to USD 7.01 billion, a 2% decrease from the same period last year.
In Q3 2021, the video-sharing website generated USD 7.2 billion. In addition to the gloomy macroeconomic environment, YouTube’s problem is that it is shifting its attention to Shorts, which is still in the early stages of monetization.
Read More: YouTube revenue shrinks as Google feels pinch of ad slowdown
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