Where the smart money is going: Google drools beyond YouTube

by Actual News Geezer | October 10, 2006 at 09:46 am | 372 views | 1 comment

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Looking for some hot video? we got video.

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SAN FRANCISCO (Reuters) - Web search leader Google Inc.'s $1.65 billion deal to buy Web video-sharing site YouTube.com is part of a broader strategy to invest in the emerging online video market, a top executive said on Monday.

Google Chief Executive Eric Schmidt told investors and news reporters on a conference call following news of the deal that YouTube will be "one of many investments" Google plans to make in the video field.

Schmidt said that Google will run YouTube as an independent company but also preserve its own Google Video as a separate operation. He described YouTube as the "clear winner in networking and the social side of video" for the way the site encourages its users to share videos with their friends.