Is YouTube a business?

WEB 2.0 SUMMIT — CEO Joel Hyatt — yes, the guy from the lawyer ads — is rambling about "the magical elements of the Internet." He's bragging on, of course, his website-cum-cable channel's supposedly fantastic library of loser-generated content, and the me-too social-network features on its relaunched site. And then Hyatt lays this zinger on the audience: "YouTube isn't a business." Joost CEO Mike Volpi, also on stage, immediately disagrees, pointing to YouTube's "$20 CPMs" — the high rates the Google-owned site is able to charge for video advertising. Hyatt has no response to that. One wonders what rates his video site is able to charge. And what partner Al Gore, a senior advisor to Google, thinks of his YouTube jab.