Google believes its video site, YouTube will be profitable in the near future.

Patrick Pichette, chief financial officer of Google, indicated the company’s belief after several industry analysts released negative reports and media stories questioned the company’s ability to monetise the channel:

Were really pleased both in terms of its revenue growth, which is really material to YouTube and, in the not long, too long distance future, we actually see a very profitable and good business for us.

Google reported better-than-expected second-quarter results. Earnings rose 19%, but revenue growth slowed.

Analysts responded saying the company was well positioned to bounce back when the economy recovered.

We are beginning to see that YouTube has established [itself] in the advertiser space now that the YouTube home page is of relevance and is desirable for customers. So we are seeing significant sell-through in most of our major markets where we have YouTube home page for sale, said Nikesh Arora, president of global sales operations and business development.

Arora said advertisers had shown particular interest in Google’s acquisition of short clips from partners like Walt Disney. He indicated the next move would involve long-form video.

Google roughly tripled the number of monetised video views from one year ago.