YouTube Reports Revenue Up 32%, Paid Music & Premium Subscribers Top 30M

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The Alphabet division brought in more than $5 billion in advertising revenue during the third quarter.

YouTube earned $5 billion in advertising revenue over the summer as the video streaming giant continues to see a boon amid the coronavirus pandemic.

The Susan Wojcicki-led company's third quarter revenue was up 32% compared with the same period a year earlier, helping to drive a 14% increase in overall quarterly revenue for parent company Alphabet.

CFO Ruth Porat acknowledged the increase in advertiser spend for Alphabet's Search and YouTube groups in a statement.

Alphabet does not break out YouTube's non-advertising revenue, which comes from subscriptions and other entertainment transactions, like movie rentals. Those revenues are reported as part of the "Google other revenues" line item, which contributed $5.5 billion during the period.

Alphabet began disclosing YouTube revenue in February of this year when it announced that the world's largest ad-supported video platform had brought in $15 billion in advertising in 2019.

The company also shared updated subscriber figures for its music and premium services, now topping 30 million paying customers and 35 including those on free trials.

A version of this article was originally published by The Hollywood Reporter