Today’s post completes my review of the USC event, “An Evening with Chad Hurley, CEO and Co-Founder of YouTube.”
Here’s how Hurley sees it:
- Money streams
Consumers will pay by advertising, renting, or purchasing on site. TV and movies may be premium spaces. Hurley readily admitted that YouTube is not making much money now, even though they’ve added ads. He sees the money opportunities in 5-10 years and said that “Google’s in it for the long term.”
When asked if YouTube will now move to HTML5 Hurley hedged a bit, stating that “it’s easier to deal with video today” and “we’re exploring all upload options.” He assured the crowd that “There will faster connection speeds, faster downloads, and ubiquitous connections.”
- Subscription channels
An audience member asked about creating a subscription kids’ channel and Hurley responded, “A good idea. Kids will innovate the future of YouTube. But the lawyers are balking.”
To Hurley’s mind “Everything is connected to the internet. Consumers are going to demand their media everywhere and that’s what we want to support.”
He recognizes that it’s tough for filmmakers to make money. “We’d like to do more to connect the dots between talent and brand. We’d like to reach the demographic for the content they’re creating.”
He also believes that “With unlimited participation and distribution there’ll be smaller pieces of pie but a bigger pie. There still will be blockbusters but the tools will be in the people’s hands.”
And finally he states, “More and more brands are giving up control and trusting the person who’s creating content. That’s a big opportunity that’s just starting.”
What struck me most was:
1) How Hurley (and others in his line of work) are in a constant head turn; keeping their eyes on the hyper speed development of technology while watching what the public – youth driven consumers – is doing.
2) The contradictory nature of his desires for YouTube: He must have said the word “monetize” twenty times, e.g. “We’re not monetizing all these experiences – Music, TV so they’re not available.” But in the next breath he’d say, “We’d like to do more to connect the dots between talent and brand. We’d like to reach the demographic for the content they’re creating.”
Hurley realizes that “Not all content can be monetized.” Yet he says, “We want to foster opportunities for everyone to create and have their creations seen by world.”
Soooo, big surprise, the beat goes on: Art and commerce have not fully merged in this new world of “I want it free. I want it fast. Why can’t I earn a living from my films?” And do we really want them to?