Why YouTube was really the big story of Google's earnings. - Business Insider

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Cloud was supposed to be the big story of Google's earnings. Here's why analysts are more excited by YouTube right now.

, YouTube was the buzzier Q4 story ,thanks to a bounceback from advertisers and some positive changes that analysts have been waiting on for a long time.

Bernstein analyst Mark Schmulik highlighted YouTube as one of the most exciting parts of Google's earnings this week. The most encouraging sign, said Bernstein, was that TV advertisers appear to be shifting over to the Google's video platform. Increased brand spend on YouTube was mentioned several times during Google's investors' call."That to me is TV dollars," Bernstein said.

"YouTube now reaches more 18-49 year olds than all TV networks combined," he wrote in a note published Wednesday.

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