YouTube Prepares to Poach Creators with Million-Dollar Deals

Google's YouTube is reportedly planning a major push to win over video creators from Netflix in an effort to keep audiences engaged amid the rise of streaming platforms. According to Bloomberg, YouTube is offering millions of dollars to popular channels if they upload their videos exclusively on the site for a certain period.

The move comes as Netflix strikes deals with prominent YouTubers to post videos on both platforms, offering creators millions in additional payouts while helping them reach new audiences. To counter this, YouTube might penalize creators who sign exclusive deals with Netflix by excluding them from marketing campaigns and events, and withholding a share of proceeds from major brand campaigns.

Google's parent company is facing market volatility, with GOOGL stock under pressure amid uncertainty tied to the Iran war and sharp swings in tech stocks amid overvaluation fears. Despite two days of gains, the stock remains down 3.2% in August and is headed for its third straight weekly decline.