YouTube: YouTube is bringing shopping features like the TikTok-like short-form video service. That’s because it’s looking to diversify its revenue stream by reducing ad spending, the Financial Times reported on Tuesday.
Ad sales at Alphabet-owned YouTube fell to $7.07 billion in the third quarter from $7.2 billion. Because some advertisers have scaled back their ad spending due to the economic slowdown.
The Youtube streaming service is also testing new commission schemes for influencers who sell products through links in videos.
YouTube did not immediately respond to Reuters’ request for comment, the newspaper said. The report comes months after YouTube unveiled a new way for creators to monetize short-form videos, by introducing ads on its video feature shorts and giving 45% of revenue to video creators.
The app started hosting lip-sync and dance videos to compete with TikTok. The Internet’s dominant video site struggled and subsequently grew to 1 billion monthly users.