Google has announced that YouTube Shorts, its short-video platform, now has more than 2 billion logged-in monthly users, giving it an edge over competitors like TikTok and Instagram Reels.
This figure is up from 1.5 billion monthly logged-in users for YouTube Shorts announced last year.
In its results for the second quarter (Q2) of 2023, Google also reported that YouTube brought in $7.67 billion in advertising revenue. This is 4 per cent higher than the same period last year.
Overall, in the three months ended June 30, Alphabet, the parent company of Google, reported revenue of $74.60 billion and net income of $18.37 billion, or $1.44 per share.
“Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search, and improving all our services. With fifteen products that each serve half a billion people, and six that serve over two billion each, we have so many opportunities to deliver on our mission,” said Sundar Pichai, CEO of Alphabet and Google.
He also said that YouTube itself is reaching more than 150 million people on connected TV screens in the US, and is “seeing growth and momentum internationally.”
The company introduced advertising on Shorts late last year.
The executive provided previous data on YouTube Music and Premium subscribers, stating that the services had more than 80 million as of late last year.
Moreover, CFO of Alphabet and Google Ruth Porat added that the company’s decision to raise prices on both services is in response to “significant subscriber growth.”
“We continue investing for growth, while prioritising our efforts to durably reengineer our cost base company-wide and create capacity to deliver sustainable value for the long term,” she said.
The tech giant also announced that Porat will assume the newly created role of President and Chief Investment Officer of Alphabet and Google, effective September 1, 2023.
She will continue to serve as CFO, including leading the company’s 2024 and long-range capital planning processes, while the company searches for and selects her successor.
“Ruth has worked to drive financial discipline and returns for shareholders, while spearheading investment to create sustainable, long-term value. As today’s results show, we’re making good progress and we’re committed to continuing this important work,” said Pichai.
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