Google acquires YouTube

For months now, Internetrix has been prepping our faithful newsletter readers for changes in the tech world as a result of today's "Web 2.0" phenomena. And if you've been following the news in October you've likely heard of Google's massive buyout of Web 2.0 company, YouTube.

Let the craziness begin as the purchase was Google's largest to date and for the "small" sum of only US$1.65 billion (AU$2.2 billion). Holy jumpin!

For those of you new to YouTube, it is a place for people to view, share and comment on web-based videos. If it still doesn't ring a bell, then talk to a teenager or anyone who spends a lot of time on the web. Starting as a personal video sharing service, it has grown into an entertainment phenomenon with people watching more than 70 million videos a day.

In fact since it's inception in February 2005, by two twenty-something Californians Chad Hurley and Steve Chan, YouTube has become the web's most visited repository for animated videos

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