After much deliberation, negotiations Google finally sealed the deal to buy video-sharing website YouTube for a staggering1.65 billion dollars.
Google chief executive Eric Schmidt said in a statement Monday said, “The YouTube team has built an exciting and powerful media platform that complements Google’s mission to organizes the world’s information and make it universally accessible and useful.”
“Jointly, we are natural partners to offer a compelling media entertainment service to users, content owners and advertisers,” he said.
Video-sharing site YouTube soared to online popularity after its initial launch in February 2005. YouTube claims that more than 100 million videos are viewed daily by visitors to the free video sharing website, which features user generated video content.
YouTube co-founder Chad Hurley. Said, “YouTube community has played a vital role in changing the way that people consume media, creating a new clip culture.”
“By joining forces with Google, we can benefit from its global reach and technology leadership to deliver a more complete entertainment experience for our users and to create new opportunities for our partners.”
Google said, YouTube would carry on operating independently from its headquarters in San Bruno, California, after the acquisition is concluded. Also all of YouTube’s employees will remain with the company even after the Google buys You Tube.
The future of video sharing over the internet is still uncertain many analysts say that soon all the video sharing communities will be slapped with lawsuits for sharing copyrighted material.
Google’s acquisition of YouTube is by far the most expensive purchase Google has made till date.One has to wonder if the acquisition of YouTube which hosts many copyrighted videos was good move by Google.