YouTube is the biggest video platform in the entire world. It's the second-biggest search engine in the world. It has a significant impact on culture.

And the majority of you don't give it nearly enough thought. However, Wall Street acts like follows: In a recent note, analyst Michael Nathanson estimated that YouTube's standalone value may reach $400 billion.

We could spend a lot of time here analyzing Nathanson's calculations and assumptions. He estimates that YouTube will make $5.5 billion in operating profits on $45 billion in sales in 2023. As its advertising growth slows, he also believes that YouTube TV and other subscription services will be the company's main drivers of growth in the future.

Let's be honest, though. For many of you, those numbers won't drop. Similar to how lawmakers on the US Senate Judiciary Committee, who held a major hearing in January on "Big Tech and the Online Child Sexual Exploitation Crisis" and questioned the CEOs of Meta, Snap, TikTok, and platforms, seemed to be unaware of YouTube's enormous reach, YouTube itself was given a pass.

Let us try this argument: Do you realize how much effort individuals like me put into keeping tabs on who is "winning" the streaming wars?

As my colleague Lucia Moses noted last month, if you line up YouTube next to all the other companies, you'll understand that it's absurd to have a streaming wars discussion without bringing up YouTube.

For example: With a market capitalization of $261 billion, you could create a firm with a combined worth of around $300 billion by adding Paramount ($8 billion), Warner Bros Discovery ($21 billion), and Fox ($14 billion) to Netflix. If you'd want, include a Roku ($10 billion). The $375 billion to $400 billion worth Nathanson is referring about is still far off.

Alternatively, you might merge Disney ($224 billion) with Comcast ($172 billion), which would result in a $396 billion firm following a significant ramp-up this year (Nelson Peltz, your skills are no longer needed). (You would also get to witness a hilarious professional wrestling bout between the CEOs of Comcast and Disney, Bob Iger and Brian Roberts, who have a long-standing rivalry.)

However, neither of those two businesses depends just on the media to generate revenue; Disney also offers theme park passes and cruises, while Comcast is one of the largest internet providers in the US. In that case, how come you're discussing video, the internet, advertising, audience, and value without mentioning YouTube? You're not doing this right.