Last week the my inbox and social media feeds got absolutely hammered with articles about how YouTube makes $4 Billion dollars but isn’t profitable and is probably in big trouble because Vessel is going to be huuuuuuge.
Since I’ve been following James Altucher’s daily practice of writing down 10 ideas every day, my mind immediately shifted to thinking of things YouTube could to do make their service more awesome (and profitable).
Before I get started with my awesome ideas on how YouTube could make more money, let me just say… I love YouTube.
If I hadn’t started making YouTube videos, I would still be sitting in a cubicle like a chump for 8 hours a day wondering if my after-work trip to the liquor store was going to cause any over draft fees. I am not exaggerating when I say that making videos on YouTube has completely changed my life.
Ultimately, I don’t think it matters if YouTube loses money. It is of such cultural importance right now that Google should just be focused on not screwing it up. I know everybody is excited about Facebook Video and Twitter Video and instaVideo and Vessel and whatever the next YouTube killer is, but let’s keep our eye on the ball, people.
For internet video, YouTube is where it’s happening.
Here is my “wish list” for YouTube. Most of these are geared towards people who are using YouTube professionally but all of them could work towards building more revenue streams and increasing the amount of time viewers spend on-site.
- Easier Way To Promote Videos. I know lots of creators would be more than willing to pay money to promote their videos via paid advertising on YouTube. But the system is wayyyyyy too complicated. Create something similar to the Facebook BOOST feature. Make it ridiculously easy to boost a video and creators will use this like crazy.
- Paid Verification System— Creators spend way too much time filing copyright complaints. Let creators pay YouTube for a “seal of approval.” This seal of approval would give channels an extra edge in the ContentID system. When I report stolen content?—?which I have to do every week?—?my tickets would be escalated. This would also give my channels an edge when they are falsely reported for using content I have the rights to use. Speeding up the process for resolving these disputes and false flags could save creators thousands of dollars in lost revenue.
- Built-in Transcription and Closed Captioning Service. Bolt a service on to your existing Captions feature that would allow creators to pay to have the videos professionally transcribed. Right now just about everybody sends their videos to Speechpad or Fiverr for transcriptions. I would pay more to be able to click a button and not have to worry about it again. Plus, making it easier to have high quality closed captions is just the right thing to do.
- Let Viewers Subscribe to Shows (not just channels). Right now the whole YouTube ecosystem is based on channels. But lots of channels have different shows running on them. If viewers had the option to subscribe to shows rather than just channels, it would create an infinitely better viewing experience. It would also allow creators to experiement with different types of content on the same channel without the worry of alienating their regular audience.
- Viewer Dashboard. If you want viewers to come to YouTube and stick around, give them more options to see what they really want. Create an awesome viewer homepage that people can customize with the shows and channels they really want to see. You could still save a slot for promoted and recommended posts. Your alogorithms could probably even serve these up even more effectively with all the additional user data.
- Give Channels More Customization Options. Right now creators are focused on getting their viewers off of YouTube and onto their own sites. It’s a lot of extra work, but the current channel options are so limited there is really no other choice. Let creators turn their channels into mini-sites. Give us an incentive to drive more traffic to YouTube rather than to our own websites. Let me give people bonus content for subscribing. Bring back the feature where I could include a little advertisement on my channel pages. This is another service I would happily pay lots of money for.
- YouTube for Business. Similar to the Google Apps for Work, a white-label version of YouTube would be amazing. The infrastructure is already there, but it would be amazing to have business class features on top of it. I’m already paying for Vimeo and Wistia for my projects that are off-YouTube. But it would be great to have some of those high end features on top of YouTube’s streaming infrastructure.
Not all of these ideas will be for everybody, but they are all things I would implement right away.
Thanks for indulging my early morning brainstorming! What new features do you think would make YouTube a better place?