As YouTube celebrates its 20th anniversary, a new report from MoffettNathanson suggests the platform is poised to become the world’s top media company in revenue, engagement, and strategic influence.
As YouTube marks its 20th anniversary, it isn’t just the world’s most popular video platform—it’s now on the brink of becoming the largest media company by revenue, according to a new report from MoffettNathanson. With an estimated $54.2 billion in revenue in 2024, YouTube trails only Disney—but not for long.
By 2025, YouTube is expected to leap ahead, eclipsing Disney’s media segment revenue (excluding theme parks and products), solidifying its place not just as the king of engagement, but also of earnings. The report calls YouTube “the new king of all media,” citing its massive global reach and growing dominance across both advertising and subscription models.
A Media Behemoth in the Making
If YouTube were a standalone business, its valuation would fall between $475 billion and $550 billion, accounting for nearly a third of Alphabet’s total worth, MoffettNathanson analysts estimate. This puts YouTube ahead of legacy giants like Warner Bros. Discovery, Fox, and even streaming pioneer Netflix in terms of growth potential and influence.
Notably, in February 2025, YouTube ranked as the top TV content source in the U.S. (per Nielsen), surpassing all traditional networks and even Netflix — a feat it has achieved for the second time within a year.
Massive Growth Across Ads and Subscriptions
- Ad Revenue (2024): $36.15 billion (up 15% YoY)
- Subscription Revenue (12 months ending Sept 2024): $15+ billion
- YouTube Premium & Music Subscribers: 125 million (up from 100 million in 2023)
- YouTube TV Users: 8 million+, projected to rise significantly by 2026
MoffettNathanson predicts YouTube’s subscription revenue will outpace ad revenue growth over the coming years, fueled by a rise in YouTube TV users and bundled offerings that combine live TV, sports, news, and access to streamers like Hulu, Paramount+, and Peacock.
Operating Income & Future Projections
- Operating Income (2024): $7.8 billion (14% margin)
- Projected for 2025: $10.2 billion (16% margin)
- By 2027: $13.8 billion with 18% margin, led by improved subscription economics
With the rapid decline of traditional pay-TV, YouTube TV is forecasted to grab a 10% share of the $85 billion U.S. pay-TV market, positioning it to lead content negotiations and offer competitive subscription bundles.
The Path Ahead: Aggregation is Key
According to the report, YouTube’s biggest opportunity lies in becoming the central hub for professional video, aggregating content across major platforms and creating tailored bundles for consumers. While YouTube’s engagement on TV remains under-monetized, that gap is closing fast — and with effective execution, the platform could widen its lead even further.
MoffettNathanson also urged greater transparency from Alphabet, noting that investors would benefit from more frequent updates on YouTube’s revenue streams and margins.
Conclusion: The Future is YouTube
From humble beginnings as a user-generated video platform to becoming the world’s dominant media powerhouse, YouTube’s journey has redefined digital entertainment. With unprecedented reach, powerful monetization strategies, and a forward-thinking aggregation model, YouTube isn’t just shaping the future of media — it’s becoming the future of media.