It's incredibly difficult to create a product that both delights customers and generates revenue. As a result, the usual way to build a digital media business is to first create something that users love and then, months or years later, find a way to really monetize it. Youtube followed this model for years. It now looks like Google is serious about making money from Youtube. And just in time.
As audience and time spent continues to shift from TV to the web advertisers are looking for scalable but innovative channels through which to reach consumers. Youtube is best positioned to do this. It will be interesting to watch and see what happens.