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The Virtual Explosion: YouTube’s Success Soars Off the Charts
Article Overview: After that fateful dinner party, where Hurley and Chen wanted to create a simpler way to share their videos of the night, they immediately went to work creating the answer. “In February, we started developing the product,” says Hurley. “In May, we had our first public preview. And in December, we officially launched YouTube. By that time we were serving over three million videos a day.”
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Free Download - Chad Hurley and Steve Chen Quotes By Chad Hurley Steve Chen |
The Virtual Explosion: YouTube’s Success Soars Off the Charts
After that fateful dinner party, where Hurley and Chen wanted to create a simpler way to share their videos of the night, they immediately went to work creating the answer. “In February, we started developing the product,” says Hurley. “In May, we had our first public preview. And in December, we officially launched YouTube. By that time we were serving over three million videos a day.”
The YouTube.com domain name was first activated on February 15, 2005. Using their own money as well as some angel investment, the duo slowly began to build up their website. But, it was not until the backing of venture capital firm Sequoia Capital in November 2005 that the company really took off. Roelof Botha, the former CFO of PayPal and current partner at Sequoia Capital, also took a seat on the YouTube board of directors. Sequoia’s initial investment was $3.5 million, but it later put an additional $8 million into the tech startup.
Combining their artistic and engineering skills, Hurley and Chen created a website that would use Adobe Flash technology, something already installed in most personal computers, to display videos online. They also created an interactive user community by allowing members to tag and search for related videos. It also began using the Google AdSense program to bring in revenue and help cover the enormous costs per month of maintaining the bandwidth it required.
By the summer of 2006, YouTube had become one of the fastest-growing websites on the Internet. It was even ranked fifth most popular by Alexa, beating out the rapid growth of MySpace. Today, Hurley says the company is “three to four times larger than Google Video or Yahoo Video Search. And growing much faster too. It’s a side project for them.” In fact, according to a survey conducted in July 2006, it was estimated that over 100 million video clips were being viewed on a daily basis on YouTube, while more than 65,000 new videos were being uploaded ever day. Nielsen/Net Ratings also suggests that YouTube receives nearly 20 million unique visitors each month.
Towards the end of the summer of 2006, YouTube had been doing so well for itself that the inevitable rumours of a buyout began to circulate. Many suggested that purchasing such a company, one whose business model would be fraught with liabilities for the foreseeable future, was a bad move. Entrepreneur Mark Cuban even said, “Only a moron would buy YouTube.”
But, YouTube was doing what it could to escape lawsuits related to copyright infringement. Hurley and Chen even signed deals with three major media companies to allow their materials to be legally broadcast on YouTube. Cuban might not have been interested in the Silicon Valley startup but Google definitely was.
On October 9, 2006, Hurley and Chen made the announcement that YouTube would be sold to Google for $1.65 billion in Google stock, making it Google’s second largest acquisition ever. The deal officially closed on November 13, 2006, and kept Hurley and Chen on board to continue their integral roles in the company.
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Re: Traditonal Demographics Do NOT Work with Generation V
- That article is the first time I ever heard the term. I found this definition -
[i:189o61sy]The term Generation V (for Virtual) is used to describe the online culture in which relationships, services and communication are carried primarily and preferably through electronic media. Generation Virtual is made up of people from multiple demographic age groups who make their social connections primarily online - through virtual worlds in online games, in social networks, as bloggers, or through posting and reading user-generated content.[/i:189o61sy]
I like the targeting options the internet offers much better than the typical demographics. Age is particular is not nearly as effective in finding a target market unless you want to target kids. Too many of the typical demographics rely on stereotypes and just seems outdated for many types of promotion. That's one of the reasons this article title caught my eye.
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Re: THE SECRET TO SUCCESS IS ALL IN YOUR HEAD...RIGHT NOW!!!
- Success = Thinking (Head) + Heart (Feeling / Interest) + Hand (doing/ action).
Success - H3
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Outsource your work?
- Hi BinaryGuy - do you really need someone 4 days a week to do accounting work? If you bring someone more experienced on you won't have to take them around with you and you can spend the time building your business.
There are a number of people who you can outsource the work to - either a Virtual Assistant or a bookkeeper - have you thought about these options and not having someone actually come into the office?
Re: Feedback on a New Company Name
- Hi Shri,
In my honest opinion, I think your new business name is too long. Anything more than 3 words is already a tongue twister and difficult to remember.
Why not just call it "Promo 101 Tours"? Another suggestion would be to brand the blog tour with your name.
Besides, the word "Virtual" is useless since once you mention "Blog", it's already implied that the tour is conducted online.
Why should I hire a virtual assistant for SEO purposes?
- Do you find it hard to find time for rest because of promoting your business or your website all by yourself? Well, perhaps it is the right time for you to hire the services of an SEO virtual assistant.
Virtual assistants for SEO services will help you on the process of improving your rankings within search engine results to achieve an increase in natural traffic. The higher your site in the search engine results page, the more traffic and sales conversions you will obtain.
Using the services of virtual assistants (VAs) certainly is the best method to move in order immediate results and in reduced operational charges. This provides a great answer especially for a small business owner whoever company is actually considerably expanding, and the jobs have normally doubled.
Here are some of the services that a virtual assistant can do for you:
• Traffic Geyser
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