Google's YouTube could be worth as much as $550B, investment firm MoffetNathanson said on Monday, as the video-sharing platform became the largest aggregator of TV content in the U.S. last month.

“This ranking, which measures total TV viewing across both linear and streaming platforms, underscores YouTube’s dominance in capturing audience engagement, surpassing traditional broadcast (and cable) giants like Disney, Fox, Paramount, and NBCU, as well as streaming leader Netflix,” analyst Michael Nathanson wrote in a note to clients. “For this and several other reasons, we crown YouTube the 'New King of All Media.'”

By last year, YouTube had become the second-largest media company by revenue, at $54.2B, behind only Walt Disney (DIS), Nathanson said. However, that's expected to flip-flop this year, with YouTube continuing to see boosts in engagement, and thus, revenue.

And based on public competitors, a standalone version of YouTube could be worth anywhere between $475B and $550B, or roughly one-third of Alphabet's current valuation, Nathanson explained. He has a Buy rating and $210 price target on Alphabet.

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