Starting the year with $6.69 billion in advertising revenue, the video giant YouTube has been on a downward spiral following previous quarters of phenomenal development during the early years of the pandemic.

In comparison to the $6.87 billion in revenue reported during the first quarter of 2022, the first-quarter revenue figure, which was disclosed as part of parent company Alphabet’s quarterly earnings on Tuesday, is down about 2.6 percent. The video platform earlier announced holiday season ad revenue of $7.96 billion, which was 8 percent lower than the prior year and below Wall Street projections.

Alphabet CFO Ruth Porat stated during a conference call with investors that the business was “encouraged by progress” in monetizing YouTube Shorts since the program’s creator revenue-sharing scheme launched in February. Although the company has not provided subscriber numbers, the executive also claimed that “significant ongoing subscriber growth” was occurring for YouTube Music Premium and YouTube TV.

Neal Mohan, the previous CPO, is now in charge of YouTube. Longtime executive Susan Wojcicki announced her resignation in February to devote more time to her family and “personal projects.”

Related: YouTube Shorts Is In Crisis in the Age of TikTok

In his first statement to the public, which was made available on March 1, Mohan stated that his key priorities were to promote YouTube’s creators by enhancing the platform’s monetization capabilities, improve accessibility, and concentrate on growth in industries like podcasting and gaming. These categories included YouTube’s short-form content, Shorts, as well as its streaming offerings, YouTube TV and Primetime Channels.

The CEO also mentioned that YouTube will still have to deal with a decline in advertising that had a significant influence on the company’s revenue growth the previous year. “This is a critical time for our business. We are dealing with difficult economic headwinds and ambiguous geopolitical circumstances. Although AI offers fantastic creative opportunities, it also needs to be managed responsibly. “Platforms like YouTube need to deliver across a number of formats while investing in the policies that safeguard platforms from real-world harm,” Mohan said in his letter at the time. “Creators, consumers, and advertisers have more options than ever before about where to spend their time. As I consider what lies ahead for YouTube, I’m confident that we’ll focus all of our efforts on the issues that matter most to creators and users.

During the first quarter, parent company Alphabet had modest growth, with overall revenue rising 3 percent year over year to reach $69.79 billion. The business reported taking $2.6 billion in costs for the January layoffs, which affected 12,000 workers, or around 6% of Alphabet’s workforce.


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