YouTube Crowned 'New King of All Media'

Analysts from MoffettNathanson, a prominent Wall Street research firm, have indeed dubbed YouTube the "New King of All Media," highlighting its growing dominance in the entertainment landscape as of early 2025. This assessment stems from YouTube's evolution from a platform known for user-generated content to a powerhouse that rivals traditional Hollywood giants, particularly in terms of viewer engagement and time spent watching TV.

In a detailed report released Monday, MoffettNathanson, led by principal analyst Michael Nathanson, emphasized YouTube's significant influence over how audiences consume video content. The firm pointed to data showing that YouTube accounted for a record 11.6% of total TV viewing time in the U.S. in February 2025, according to Nielsen’s Media Distributor Gauge. 

This figure surpassed competitors like Netflix and Disney, marking YouTube as the leader in TV screen time. The platform’s viewership on TVs alone has surged by 53% compared to two years prior, with even steeper growth among older demographics—adults aged 65 and up increased their YouTube TV viewing by 96% year-over-year.

Michael Nathanson

YouTube’s rise is attributed to its versatility and scale. Owned by Alphabet (Google’s parent company), the platform has expanded beyond short-form videos and viral clips to encompass a broad array of content, including sports, dramas, long-form podcasts, and premium offerings via YouTube TV and Primetime Channels. Analysts note that YouTube’s ability to aggregate both user-generated and professional content has positioned it as a central hub for video consumption. 

In 2024, it generated $54.2 billion in revenue—second only to Disney among media companies—driven by $36.15 billion in global ad revenue (up 15% from the previous year) and over $15 billion from subscriptions in the 12 months ending September 2024. MoffettNathanson predicts YouTube will overtake Disney in total media revenue in 2025, solidifying its top position.

The firm estimates that if YouTube were a standalone entity, its valuation could range between $475 billion and $550 billion—roughly 30% of Alphabet’s market cap—based on revenue multiples comparable to companies like Netflix (10.5x revenue) and Meta (8.8x). The valuation reflects not just its current earnings but its "substantial runway" for growth, as described by Nathanson. 

He argues that YouTube is under-monetized relative to its reach, particularly in TV advertising, and could further capitalize on becoming "the central aggregator for all things professional video." This includes potentially capturing a larger share of the $85 billion U.S. pay-TV market and the $30 billion streaming ecosystem by enhancing offerings like YouTube TV, which is projected to hold a 10% share of the pay-TV market by 2026.