TLDR
- YouTube generated $62.3B in revenue during 2025, surpassing Disney’s media properties ($60.9B) to claim the position of world’s largest media company
- As a standalone business, MoffettNathanson assigns YouTube a valuation of $500B–$560B — exceeding the combined worth of Hollywood’s five major studios
- The platform generates 50% more revenue than Netflix, its closest media competitor
- Subscriptions (YouTube TV, Premium, NFL Sunday Ticket) account for nearly one-third of YouTube’s total revenue
- Alphabet receives a Buy rating from MoffettNathanson with a $350 price target
While audiences stayed glued to cat videos and viral content, YouTube silently ascended to become the planet’s largest media company.
MoffettNathanson, a leading research firm, verified that YouTube produced $62.3 billion in revenue throughout 2025, surpassing Disney’s media properties which delivered $60.9 billion. This marks the first instance of a tech-owned platform claiming the top position in media revenue rankings.
Google purchased YouTube in 2006 for $1.65 billion. History now regards this acquisition as among the most successful business transactions ever executed.
The platform’s revenue climbed 14% in 2025, down from 19% growth in 2024. Despite the deceleration, YouTube maintained a growth advantage over most competitors — Fox secured second place among traditional media companies with 9% growth.
Alphabet disclosed in its Q4 earnings that YouTube “exceeded $60 billion” for the year, though the company withheld more specific figures. MoffettNathanson’s independent analysis provided the precise data.
The Numbers Behind the Crown
Advertising on the free platform generated over $40 billion in revenue last year. Subscriptions — YouTube TV, YouTube Premium, and NFL Sunday Ticket — contributed nearly a third of total revenue.
This dual revenue model distinguishes YouTube from competitors, according to analyst Michael Nathanson. “YouTube’s global scale and innovative offerings create an uncommonly high moat,” he wrote in a note to clients.
As a hypothetical standalone entity, MoffettNathanson places YouTube’s value at $500B–$560B, representing approximately 8–9x its 2025 revenue. This valuation exceeds the combined market value of Disney, Comcast, Warner Bros., Sony, and Paramount Skydance.
YouTube also generates 50% more revenue than Netflix — its closest competitor in the streaming landscape.
TV, Not Just Phones
Netflix CEO Ted Sarandos articulated this shift clearly during a recent congressional hearing: more than half of YouTube’s viewership now occurs on television screens rather than mobile devices. “YouTube is not just cat videos anymore. YouTube is TV,” he stated.
Sarandos delivered this testimony during a hearing examining Netflix’s unsuccessful $82.3 billion bid for Warner Bros. Discovery. Paramount Skydance ultimately secured the deal with a $110 billion offer.
Nielsen’s distributor index shows YouTube maintaining the top audience share position for 11 consecutive months through January, commanding 12.5% of total aggregated viewership.
MoffettNathanson observed that even a merged Paramount-Warner Bros. entity would have generated $66.2 billion in pro forma 2025 revenue — though the firm notes YouTube’s superior growth rate renders that advantage “short-lived.”
The research firm also identifies AI as a significant future catalyst. “The continued development of GenAI will help creators produce even more impactful content that will be increasingly better targeted and better monetized,” Nathanson stated.
MoffettNathanson assigns Alphabet a Buy rating with a $350 price target.
