The Mountain View-based company Google is looking to get more money from YouTube, the online video sharing service they bought in October 2006 for $1.65 billion. After a series of tests, Google is now working on a new type of advertisements to be displayed on YouTube, other than the ones before and after the clips, News.com reported, citing Google's CEO, Eric Schmidt. The Google representative admitted that engineers working at the Googleplex are currently developing a new kind of YouTube adverts supposed to be officially released in a few months.

But what's more important is that Google admitted that the search company isn't the leader in the display advertisement market segment. Moreover, it confirmed the fact that Yahoo is an important player in the industry. "We are not the leader in display ads. As far as I can tell Yahoo is," Eric Schmidt commented according to the same source mentioned above.

It's interesting to note that Google really wants to monetize YouTube, a very popular video sharing service which currently has millions of users all around the world. Such a growing popularity obviously creates a high financial potential which, according to News.com, seems to be the main aspect that Google wants to improve this year. "We're working but have not yet in my view gotten a breakthrough around monetization... We're working on that. That's our highest priority this year," the Google CEO admitted in an interview with CNBC.

Google acquired YouTube in October 2006, paying $1.65 billion for the video sharing service which had to become the most important video website soon after the acquisition. Although there are several similar video sharing services on the web and even if YouTube has often been accused of copyright infringement and other illegal activities, Google managed to keep YouTube the dominant service in this category of the industry.