Hmmm…well, their fight against the adblockers is quite concerning, especially if the ads are so intrusive that they disrupt the user experience in viewing content, thus pushing more users to get Premium or go to another platform. It’s not uncommon these days to find people migrating away from Big Tech platforms and going to other platforms that have more reasonable and sustainable services that benefit both the client and the vendor. The challenge is the content, which may not be as numerous as what you would find on YouTube, and along with that, there’s the challenge of convincing creators to go onto those other platforms.
But, I am doubtful that Alphabet will be financially impacted. They might see a loss around YouTube, but that loss could be offset by profits from other products in their portfolio. Furthermore, because they have a paid option, it wouldn’t be surprising to see people going for that option, especially if the cost is reasonable, and they are getting premium services not just for themselves but also their friends and family.