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- Aug 7, 2021
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Hi, I’m an 18 year old student with the desire to escape the regular 9-5. I just finished reading the Millionaire Fastlane and although I know ideas are no good without execution, I was wondering if someone could weigh on my idea for an alternative to YouTube.
Prior to reading the Millionaire Fastlane , I had the idea to follow my passion of having my own YouTube channel, where I would make videos to entertain people, but after reading TMF , I started to doubt whether a Youtube channel would work with the C.E.N.T.S model. So the next best thing I thought of was making an alternative site to YouTube.
From all the policy changes and ads YouTube has forced down viewers and content creators throats, I saw that there was a need for an improved version of YouTube.
As for entry, I recognise that there are some strong competitors in the video hosting website market. Dailymotion has millions of monthly users and there’s also Vimeo. More recently, decentralised websites such as odysee and Peertube have also begun to gain traction, but content creators need a way to monetise content. Sites like odysee use cryptocurrency for monetisation, which is what I think stops them from committing to the platform. I think that I can change monetisation for the better so that content creators can earn money, without the exhaustive use of advertisements Youtube implements. Building an alternative to YouTube would however also be difficult because YouTube is owned by Google.
As for need, I already explained that content creators have begun to become frustrated with YouTube because of its changing policies, 2-3 ads per video and nonsensical deletion of content on the platform. As a past avid YouTube user, I found that the addition of shorts and overall changes to the apps interface has somewhat degraded the app and user experience. I think I can improve that.
Time is something I doubt being able to detract from this business idea unless I sell the site/app and reinvest the money elsewhere afterwards. I imagine building and maintaining a company like Youtube would take a lot of time and mean hiring a lot of employees. Other than selling, I don’t see a way I could divorce a lot of time from the business. I also don’t see myself as the managing, big CEO type either.
Scale is not something I initially worried about because billions of people use Youtube and want to be entertained. With the internet as the means of operating the business on an international scale, I think that scale could be easily achieved. I think gaining traction and getting consumers to choose my website over YouTube is what will be difficult, but I believe the features I plan to implement will help ease that.
I would greatly appreciate it if anyone could provide me feedback on this idea!
Prior to reading the Millionaire Fastlane , I had the idea to follow my passion of having my own YouTube channel, where I would make videos to entertain people, but after reading TMF , I started to doubt whether a Youtube channel would work with the C.E.N.T.S model. So the next best thing I thought of was making an alternative site to YouTube.
From all the policy changes and ads YouTube has forced down viewers and content creators throats, I saw that there was a need for an improved version of YouTube.
As for entry, I recognise that there are some strong competitors in the video hosting website market. Dailymotion has millions of monthly users and there’s also Vimeo. More recently, decentralised websites such as odysee and Peertube have also begun to gain traction, but content creators need a way to monetise content. Sites like odysee use cryptocurrency for monetisation, which is what I think stops them from committing to the platform. I think that I can change monetisation for the better so that content creators can earn money, without the exhaustive use of advertisements Youtube implements. Building an alternative to YouTube would however also be difficult because YouTube is owned by Google.
As for need, I already explained that content creators have begun to become frustrated with YouTube because of its changing policies, 2-3 ads per video and nonsensical deletion of content on the platform. As a past avid YouTube user, I found that the addition of shorts and overall changes to the apps interface has somewhat degraded the app and user experience. I think I can improve that.
Time is something I doubt being able to detract from this business idea unless I sell the site/app and reinvest the money elsewhere afterwards. I imagine building and maintaining a company like Youtube would take a lot of time and mean hiring a lot of employees. Other than selling, I don’t see a way I could divorce a lot of time from the business. I also don’t see myself as the managing, big CEO type either.
Scale is not something I initially worried about because billions of people use Youtube and want to be entertained. With the internet as the means of operating the business on an international scale, I think that scale could be easily achieved. I think gaining traction and getting consumers to choose my website over YouTube is what will be difficult, but I believe the features I plan to implement will help ease that.
I would greatly appreciate it if anyone could provide me feedback on this idea!
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