A Wall Street analysis suggests YouTube is on track to surpass Disney in media revenue, solidifying its position as the dominant force in the industry. According to MoffettNathanson analyst Michael Nathanson, YouTube has already overtaken Disney and Netflix in total TV viewership share and could soon become the highest-earning media company.
Nielsen data from February 2025 shows that YouTube accounted for 11.6% of total TV viewing time, its highest level recorded, while Disney’s streaming and broadcast platforms, including Disney+, Hulu, and ESPN+, fell to 10%. Financially, YouTube generated $54.2 billion in revenue in 2024, just behind Disney’s $59.7 billion from its media division. Nathanson predicts YouTube will overtake Disney this year, marking a significant power shift in the industry.
YouTube’s growing dominance
The video platform’s rapid ascent is fueled by three key revenue streams: advertising, subscriptions, and YouTube TV. According to media reports, advertising remains its biggest source of income, generating over $36 billion last year. Meanwhile, its subscription services—including YouTube Premium, YouTube Music, and NFL Sunday Ticket—continue to expand. YouTube TV, with more than eight million subscribers, is also on track to become one of the largest pay-TV providers in the U.S.
“YouTube has the potential to become the central aggregator for all things professional video,” Nathanson wrote in his report, adding that the platform is well-positioned to capture a share of the $85 billion U.S. pay-TV market and the $30 billion streaming sector outside of Netflix.
The rise of YouTube comes as traditional media companies struggle to make their streaming divisions profitable. At the same time, YouTube has seen a surge in viewership on television screens, with time spent watching the platform on TVs increasing by 53% since February 2023. Older demographics are also contributing to its growth, as viewership among adults aged 65 and older has nearly doubled over the past two years.
Looking ahead, Nathanson expects YouTube’s subscription business to grow faster than its advertising segment. However, with no planned price hikes, subscriber growth may slow, leading to overall revenue growth stabilising in the low-to-mid double digits between 2025 and 2027.