YouTube is the largest free online video platform.
The company was launched in 2005 by Jawed Karim, Steve Chen, and Chad Hurley.
When YouTube was founded, the goal was for it to be a dating site, but it soon metamorphosed into the video content giant we know it to be today.
Google noticed YouTube’s potential and eventually bought the company in 2006 for $1.65 billion.
At the time, YouTube had only 65 employees and had not monetized yet.
Today, the company employs no less than 5,000 people, and it gets most of its money from ad revenue.
At the moment, YouTube has about 2 billion registered users.
These users are mostly between the ages of 15 and 25 years.
An average of 500 hours of video is uploaded to YouTube per minute.
Now, with all of its success, it can be a bit more difficult to imagine than the company even has competition. But it does.
Let’s take a look at some of YouTube’s competitors and alternatives. They are:
- Daily Motion
- Sprout Video
YouTube Competitors: Vimeo
Vimeo, a company based in New York City, actually started operating way before YouTube.
The fact that it’s still up and running today means they are likely not going anywhere anytime soon.
Vimeo was launched in 2004, and it offers high definition videos in several languages.
It was well-received from the time it launched even to today.
Vimeo was created by filmmakers. It’s therefore not surprising that it’s one of the go-to platforms for creative minds.
From video makers and music artists to photographers, a lot of people and ad agencies use Vimeo.
Unfortunately, this is not the platform for funny cat videos.
Vimeo has an impressive interface, and it clearly surpasses YouTube when it comes to video quality.
The platform dishes out 4K Ultra HD.
Like YouTube, there’s a potential for content creators to make some extra cash with Vimeo.
People who use Vimeo enjoy ad-free video streaming.
The platform allows users to comment, follow channels, and share videos externally on their social media accounts.
Vimeo is definitely a YouTube competitor and one of the better sites to upload videos.
Currently, Vimeo has a yearly revenue of about $300 million, and it employs nearly 8.700 people.
It might not seem like much compared to YouTube’s $15 billion, but it is a competitor nevertheless.
The two companies have a slightly different business model.
While YouTube charges for uninterrupted streaming, Vimeo offers high-resolution content for free but charges content creators for upload.
For people going for a large audience, YouTube is the obvious pick.
It has over 2 billion registered users, whereas Vimeo has substantially less.
However, Vimeo has a few advantages for content creators. It offers ad-free viewing and higher resolution video uploads that have better sound.
For filmmakers and graphic designers, the superior experience is definitely worth more than the smaller user base.
Also, for those looking to use Vimeo for their portfolio, the limited number of users doesn’t matter.
YouTube Competitors: Twitch
The company was launched by Justin Kan in 2011.
In 2014, Twitch was bought by Amazon for 1 billion.
Currently, the company has about 1,500 employees, and it generated 1.5 billion in revenues in 2019.
Twitch runs a subscription service that sells ads and “bits.”
Bits are used to give tips, share emojis with friends and cheer popular streamers.
For people in the age range of 18 – 34 years, Twitch is one of the platforms of choice when it comes to entertainment.
Each month, 3.2 million users broadcast their videos live.
Since its launch, Twitch now has a library of more than 124 million clips on demand.
At one point, Twitch streamed video to 245,000 viewers worldwide at once.
YouTube Competitors: Dailymotion
Dailymotion is a French company owned by Telco Vivendi.
The platform allows users to upload and share video content.
Dailymotion is available worldwide, and content can be found in 25 languages and 43 local versions.
Currently, the business is worth about $840 million, and it racks in revenues of $110 million yearly, making it one of YouTube’s competitors.
There are more than 300 million active users on Dailymotion at the moment.
The main advantage of Dailymotion is its cutting-edge algorithm that enables advanced recommendations.
You can find video content on sports, politics, fashion, and eSports on the platform.
Dailymotion has a library of over 3.5 billion videos that are streamed via an incorporated player.
The platform offers innovative technology resources, a high degree of flexibility, and is highly visible to content creators.
YouTube Competitors: Sprout Video
This is a company that specializes in video solutions for marketing, security, and streaming purposes.
They also offer hosting and storage space for content.
Sprout Video was launched in 2010, and its headquarters is in Brooklin, New York.
Currently, the company has about 16 employees, and their platform gets an average of 105,495 monthly visits.
Sprout Video’s business model is by subscription. Their subscriptions start from $25 monthly, and they rack in annual revenues of about $ 50 million.
Sprout Video seeks to assist businesses with hosting services for their video content.
Their videos are then distributed worldwide. To ensure high-quality playback, the platform uses a global Content Delivery Network.
What is YouTube’s Advantage
YouTube has grown since its launch, and today more than a billion people use the platform to share and view content.
The company identified that by focusing on rewarding content creators, they would generate high-quality content.
That is currently the driving force that attracts more content creators and viewers to their platform.
The company rewards content producers by sharing ad revenue with them.
Through this business model, YouTube has gathered millions of loyal content creators and content viewers.
Today, most people consider YouTube as their go-to platform when it comes to uploading and finding video content.
Additionally, YouTube also has loyal partnerships and very strong distribution channels.
These factors are what give YouTube a competitive advantage over similar companies and help it grow every year.
YouTube’s Biggest Competitors: Final Thoughts
There are a lot of businesses that have a similar business model to that of YouTube.
However, currently, Vimeo seems to be doing better than most of them.
The platform has gathered 150 million creators worldwide and has about 1.24 million subscribers.
With all this success, Vimeo still has a long way to go before they pose serious competition to YouTube.
Currently, YouTube has about 2.3 billion users, and that number surpasses anything that Vimeo and other similar sites will accomplish in the foreseeable future.
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