Needham valued YouTube at $340 billion, more than the market capitalizations of Disney and Netflix. The estimate is based on projected 2026 revenue from YouTube’s advertising and subscription businesses, using valuation multiples comparable to Reddit for advertising and Netflix for subscriptions.
Needham analyst Laura Martin said YouTube’s revenue is growing about 20% annually as the company expands its subscription business. The firm said YouTube also strengthens Alphabet’s full-funnel advertising business and provides proprietary data to train its Gemini AI models.
Needham maintained its Buy rating on Alphabet.