YouTube's growth has been unstoppable.  (Source: YouTube)
Google celebrates another year of internet video as it considers how to monetize YouTube

In February 2005, three former PayPal employees -- Steve Chen, Chad Hurley, Jawed Karim – founded a video sharing site called YouTube.  At the time, there were a handful of video sharing sites, but none had proved particularly successful.  YouTube, however, proved a smash hit, kicking off a pop cultural phenomena felt worldwide.

Five year ago from last Sunday the beta of YouTube went up.  Today, YouTube is owned by Google and the company is ringing in the site's fifth year in existence with special festivities.  

Google says that YouTube today is third most visited site on the internet with over 2 billion views daily.  Every minute 24 hours of video are uploaded to YouTube.

There's also good news on the revenue front.  YouTube, which has long struggled with monetization appears to be turning the corner; in 2009 ad revenue tripled.  

To celebrate the good news, Google and YouTube are encouraging "bedroom vloggers and viral video"-makers alike to create their own take on "My YouTube Story".  Videos can be uploaded here.

Google says there's much work that remains, though.  It writes, "Although the average user spends 15 minutes a day on YouTube, that’s tiny compared to the five hours a day people spend watching TV. Clearly, we need to give you more reason to watch more videos! And we want to give you all the tools and support to make YouTube both your career and your community. After all, this is only the beginning of the video revolution. We’re just getting started."

With new services and the use of new web technologies YouTube seems very serious about meeting that objective.

"We’re Apple. We don’t wear suits. We don’t even own suits." -- Apple CEO Steve Jobs

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