YouTube is on track to become the highest-earning media company globally, according to a recent forecast from Wall Street analyst Michael Nathanson of MoffettNathanson. The Google-owned video platform generated $54.2 billion in revenue in 2024, positioning it just behind Disney, which brought in $59.7 billion in media revenue (excluding theme parks and related experiences). Meanwhile, Netflix and Warner Bros. Discovery trailed behind with approximately $39 billion each.
The Hollywood Reporter, Nathanson outlined YouTube’s trajectory and its growing dominance across multiple verticals, and wrote, “YouTube has the potential to become the central aggregator for all things professional video, positioning itself to capture a share of the $85 billion consumer Pay TV market and the ~$30 billion streaming ex. Netflix market in the US.”
The report suggests YouTube’s subscription revenue is expected to grow faster than advertising, largely due to a steady increase in subscribers for products like YouTube Premium, YouTube Music, and YouTube TV. However, Nathanson cautioned that subscription growth may slow in the coming years, particularly as price increases are not currently factored into growth models, and net subscriber additions begin to stabilize.
Despite this expected deceleration, YouTube’s total revenue is projected to grow at a low- to mid-double-digit pace from 2025 to 2027, reinforcing its position as a leading force in the global media ecosystem. Nathanson emphasized the importance of understanding YouTube’s monetization strategies, calling the platform’s market opportunity “ripe for the taking.”
In 2024, YouTube generated over $36 billion from advertising alone, while its paid subscription offerings continued expanding its user base. YouTube TV, now with over 8 million subscribers, is quickly establishing itself as one of the largest pay-TV services in the United States.
This analysis follows recent data from Nielsen’s Media Distributor Gauge report, which showed YouTube leading in total U.S. TV viewing time, claiming 11.6% of all TV watch time surpassing both Disney and Netflix in terms of viewer share.
With its steady financial growth and increasing dominance in viewer engagement, YouTube appears well-positioned to reshape the future of media consumption, not just as a video-sharing platform, but as a central hub for digital television, entertainment, and professional video content.