Google bought Youtube – Good or Bad?

This is a big deal. Read the Press Release.

MOUNTAIN VIEW, Calif., October 9, 2006 – Google Inc. (NASDAQ: GOOG) announced today that it has agreed to acquire YouTube, the consumer media company for people to watch and share original videos through a Web experience, for $1.65 billion in a stock-for-stock transaction. Following the acquisition, YouTube will operate independently to preserve its successful brand and passionate community.

I don’t usually follow this sorta stuff but… Youtube is such an amazing enabler of DIY media that I hope it spawns thousands of copycats. Some of my favorite video sharing sites are VideoSift, Stage6, and Vimeo. Oh yeah and Google Video.

The importance of this announcement is the possibility of more money being invested in DIY media sharing sites. This will hopefully give independent media makers more FREE space on the web.

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