YouTube, the video sharing site owned by Google will soon give media companies an opportunity to earn revenues from videos. This means media companies will be able to sell advertising for videos on YouTube. CBS currently does this for the clips that appear on their YouTube channel. The media companies can choose to sell advertising uploaded by specific users too.
This initiative benefits both YouTube and traditional media companies. It will give Google another revenue source in terms of monetizing YouTube. It would also potentially diminish further conflict beteen media companies as the video sharing site. As you may remember Viacom filed a $1 billion lawsuit against YouTube shortly after being acquired by Google. Content from media companies on YouTube make up about 4% of the total, but that is where a majority of their advertising revenue comes from.
YouTube received about 100 million viewers in October 2008 according to ComScore.