According to a report in the Wall Street Journal, YouTube is working on launching an online store for streaming video services.
The report stated that the platform has been in the works for at least 18 months and could be available as early as the fall. To get the platform going, YouTube has continued to engage entertainment companies through participation in the platform.
Several technology companies are looking for new ways to generate revenue to fight inflation and meet economic challenges.
YouTube is a popular video platform on the web. Launched in 2005 and acquired by Google for more than US$1.6 billion in 2006, the platform began as a web-based PC service that allows anyone to upload their creations for everyone to see and watch.
According to Google, YouTube has more than 2 billion users worldwide each month and over 70 per cent of its video views come from mobile devices.
YouTube offers more than just its core service. Google has many sub-products under YouTube, including YouTube Music, YouTube Premium and YouTube TV. Although they share the same brand, they all have very different features.
The sources for this piece include an article in Reuters.