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In an event at Syracuse University's Newhouse School, Schmidt said it "seemed obvious" that owning YouTube should generate "significant amounts of money" for Google, but that has proven harder than expected. In any case, monetization is not Google's primary concern with YouTube at this point, as YouTube could lead to "the creation of a whole new industry."

And there are two facts on Google's side: "We know people are watching it" and "We have the luxury of time to invest."

Google's Goal: 'Change the World'
Google's goals are loftier than monetizing its products. "The goal of the company isn't to monetize everything. The goal is to change the world. We start from the perspective of what problems we do have," Schmidt said.