YouTube’s new crypto-friendly CEO sees ‘incredible potential’ for Blockchain and NFT technology to boost viewership and reward influencers
Incoming YouTube CEO Neil Mohan has crypto enthusiasts excited by the prospect of blockchain-enabled technology soon becoming part of the video site.
Little is known about the executive, who joined in March 2008 after he helped sell his ad technology firm DoubleClick to Google for $3.1 billion. One of the few one-on-one interviews with Mohan dates from August 2021.
Publications such as Decrypt are now pointing to a post from last February in which Mohan, then YouTube’s chief product officer, argued that non-fungible tokens offer “incredible potential” for the bustling creator economy in a sneak peek at new products and features coming to the platform.
“We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans,” he wrote at the time.
“Giving fans a verifiable way to own unique videos, photos, art and even experiences from their favorite creators can be a compelling prospect for creators and their audiences.”
How YouTube is challenging TikTok in short format video
Enabling digital payments has already generated a lot of interest after Elon Musk revealed plans to integrate payments into Twitter and reward influencers for content – a business model pioneered by YouTube back in 2007.
Mohan takes over from veteran CEO Susan Wojcicki at a critical time for YouTube, the largest advertising-based video-on-demand service in the world with over 2 billion monthly active users.
ByteDance’s viral phenomenon TikTok is reshaping the social media landscape with its focus on sharing short user-generated videos that have become a threat to established names. Other rivals, including Musk’s Twitter, may also elbow into YouTube’s turf.
Since the popular streaming platform traditionally sells ads that run in long-form videos targeted by the creator, finding a way to monetize content no longer than 60 seconds has been particularly challenging — just ask the Meta executives tasked with rolling out Instagram Reels .
In September, YouTube responded with its own bespoke concept called YouTube Shorts. Since ads only run between videos, the company has chosen to share 45% of revenue based on their share of total views, rather than the traditional 55%.
Section 230 legal challenge could upend the industry
Monetizing short-form video content amid a wider industry exodus of social media users to TikTok is just one challenge Mohan faces – albeit one that is partially under his control.
This week, it is expected that the Supreme Court will begin hearing arguments in the case Gonzalez v. Googlewhich may remove the protections enshrined in US law. Under Section 230, digital media are considered neutral platforms rather than publishers responsible for the content on their sites, often described as a “get out of jail free” card for the industry.
YouTube is the very core of the debate. The family of Nohemi Gonzalez, a 23-year-old California woman who was killed during the Islamic State terrorist attacks in Paris in 2015, alleges that the Google subsidiary illegally recommended videos on its platform.
“Section 230 is fundamental to the Internet. It protects free speech and helps platforms more effectively combat harmful content,” Mohan wrote in January. “The stakes couldn’t be higher.”
Despite the various challenges facing YouTube, outgoing CEO Wojcicki claimed Mohan would be a “fantastic leader” with a “fantastic feel” for the business as well as its creators and users.
“YouTube’s most exciting opportunities lie ahead, and Neal is the right person to lead us,” she wrote last week.
This story was originally featured on Fortune.com
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