YouTube brought in $5 billion in advertising revenue in the third quarter of 2020, signaling that there has been a rebound in advertising revenue for both Google and YouTube.
YouTube now has over 30 million music and premium paid subscribers, and over 35 million including those on free trials. YouTube TV now has more than 3 million paid subscribers.
"As a sign of the times, views for guided meditation videos are up 40 per cent since mid March, while DIY face mask tutorials have been viewed over 1 billion times," informed Alphabet and Google CEO Sundar Pichai.
"Onto YouTube, people come to YouTube for entertainment, information and opportunities to learn something new," Pichai said during the conference call on Thursday.
Ruth Porat, CFO of Alphabet and Google said that consumers are showing strong demand across nearly all verticals.
YouTube revenue spikes
"YouTube advertising revenues were $5 billion, up 32 per cent year-on-year, driven by ongoing substantial growth in direct response, followed by a rebound in brand advertising from increased spending by advertisers," she informed.
Google's advertising division brought in revenue of $37.1 billion, an increase from $34 billion last year.
YouTube ads revenue increased 30 per cent from $3.8 billion in the third quarter of 2019.
"Within YouTube's subscription revenues, we continued to benefit from subscriber growth across its various offerings," Porat said.
