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That's what I was thinking too. They had their own little free .flv player thing and all that. The only losers in this deal are the people working in the Google Video department. Although I suppose that they will still maintain Google Video as well.
I think Google probably made a very good buy, even at that price and even if you factor in the expense of their own failed attempt at branding a video sharing site.
According to wikipedia, the creators of YouTube are three people who were, at the time, employees of PayPal. I read an interview awhile back where they expressed surprise that what they had intended just to be as popular as say, a message board whose members shared their videos, rapidly turned into such a worldwide phenomenon. One thing's for certain; they just got their gargantuan payday.
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