Google To Buy YouTube For $1.65 Billion – Company Will Be Largest Video Distributor on Internet

Google To Buy YouTube For $1.65 Billion – Company Will Be Largest Video Distributor on Internet

Chen and Hurley

The fastest growing company of all-time, Google, will be buying the upstart company, YouTube for $1.65 billion. YouTube is less than two years old, but has become the most popular video sharing site on the Internet.

YouTube plays more than 100 million video clips per day, drawing a viewship greater than some cable television channels. Just one year ago, Yahoo led the online video market with 85 percent of the viewers. It is estimated that YouTube now holds 46 percent of the share. Google’s share of the video market was only 11 percent, while Yahoo now lags with only 6 percent.

YouTube founders, Chad Hurley, 29, and Steve Chen, 28, came up with idea in January of 2005 when they found it hard to share video clips of a party with friends. They began writing the code in Hurley’s garage and later Sequoia Capital gave the startup $3.5 million in funding. Sequoia was also an early funding partner for Google.

By Dan Wilson
Best Syndication Writer

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