YouTube Adds More Shopping Features To Diversify Revenue Stream

Alphabet Inc GOOG GOOGL YouTube is bringing shopping features to its ByteDance Ltd-owned TikTok-like short-form video service to diversify its revenue stream squeezed by falling ad spending, Reuters reports.
Ad sales on YouTube slipped to $7.07 billion in the third quarter from $7.2 billion a year earlier, as some advertisers pulled back on their ad spending amid the economic slowdown.
YouTube tested new commission schemes for influencers who sell products through links in videos.
Also Read: TikTok Flourishes As Ads Juggernaut At Expense Of Twitter, Snap, Google And Meta
YouTube showcased a new way for creators to make money on short-form videos, introducing advertising on its video feature Shorts and giving video creators 45% of the revenue.
YouTube struggled to compete with TikTok, the app that started hosting lip-sync and dance videos and has subsequently burgeoned to 1 billion monthly users.
YouTube launched an online marketplace for streaming services with more than 30 offerings.
Primetime Channels will allow viewers in the U.S. to subscribe to individual streaming services, including Showtime, Paramount+, and Starz, directly through YouTube.
The National Basketball Association has also agreed to add its NBA League Pass package of games to the platform at a later date.
Price Action: GOOG shares traded higher by 2.46% at $98.39 on the last check Tuesday.