In what might just be the biggest payday in web history, Google has brought YouTube for $1.65 billion. Yes, billion. Not bad for a company that was trading off credit card debts not more than 20 months ago. And in fact, has only been in official existence for 11 months.
According to Google: “The acquisition combines one of the largest and fastest growing online video entertainment communities with Google’s expertise in organising information and creating new models for advertising on the Internet.†It has guaranteed to retain YouTube’s “distinct brand identityâ€, whilst "providing a better, more comprehensive experience for users interested in uploading, watching and sharing videos."
Founders Chad Hurley and Steve Chan were early PayPal employees, and even today, the company consists of no more than 60 employees. In typical Web 2.0 style, they’ve decided to communicate directly with their users through this video, currently number one in the YouTube charts.