According to a recent report in Reuters, Googles number one priority this year is to make money off its YouTube video-sharing site, comments which sent Google’s shares up 4.7 per cent straight away.

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Google said in relation to YouTube, it planned to introduce a series of new advertising products aimed at generating advertising revenue.

The new ad services will go beyond basic in-line text ads that run along the bottom of YouTube videos, the report noted.

Long term, Google says it is focused on automating “the trillion-dollar industry that is advertising” and said its push into the business software market would help it forge relationships with big corporate customers that last “20 or 30 or 40 years” and “will ultimately be very, very lucrative.”

Google also said it was still in the running for a business deal in which Yahoo would replace some portion of the ads running alongside its search results with Google-delivered ads, a move that lets Yahoo focus on other advertising fields.