Google to YouTube: Welcome!

Google CEO Eric Schmidt proudly announced: "Google closes acqusition of YouTube":

We are excited to have closed the acquisition in order to begin collaborating to offer the best in quality and depth of content, user experience and new business opportunities for our partners. YouTube and Google will together provide innovative and exciting services for our users that will add a new dimension to on-line media entertainment. We look forward to working with content creators and owners large and small to harness the power of the internet to promote, distribute and monetize their content.

Chad Hurley, CEO and Co-Founder of YouTube shares in the excitement:

Google's expertise, technology leadership, and resources will provide us with the flexibility to innovate and build the best, most entertaining service on the Internet. In the coming months, we will roll out many new exciting features and programs to benefit the creativity and participation of our community. The community will remain the most important part of YouTube and we are staying on the same course we set out on nearly one year ago. We will continue to gather and listen to its feedback and are looking forward to the many opportunities that lie ahead.

And let the video advertising fun begin!

Schmidt is a champion for advertising. Hurley is a champion for viral video. Are the objectives of the two champions (two Internet "kings," as noted by the YouTube co-founders when they celebrated the Google takeover) compatible in the eyes of the vaunted YouTube "community"?

Suzie Reider, YouTube CMO, echoed Hurley's "the community is the most important part of YouTube" stance last week at Ad:Tech in NYC and vowed that marketers won't "mess up" YouTube, as I report in "Not on YouTube: Video sales" and "YouTube on marketers: Won't be messing it up".

Given YouTube's $1.65 billion price tag, however, Google will be spurring marketers to do SOMETHING big at YouTube. Will the YouTube "community" remain loyal after Google applies its advertising magic to the "broadcast yourself" formula?

I recently interviewed the co-founders of Metacafe and blip.tv: YouTube is NOT the only video game in town! Here are their online video stories:

Blip.tv vs. YouTube? Founder talks ‘The Real Deal’

Metacafe vs. YouTube? CEO talks 'The Real Deal'

ALSO: Is Google's multi-billion free ride over? and NYC vs. YouTube