YouTube is now uploading 24 hours of content every second. And monetizing it.

Less than a year ago, video giant YouTube announced that people were uploading 20 hours of video to the site every second. They encouraged users to upload even more. Today, they've announced that a full day's worth of content is uploaded per second.

And finally, YouTube is in a position to monetize those videos.

According to the YouTube blog:

"Today, we’re announcing that you’ve done it! In just 60 quick ticks of the second hand, more than a full, action-packed day in Jack Bauer’s life is now uploaded to YouTube."

Meanwhile, YouTube is finally bringing some premium content onto the site, with partnerships with various movie studios and television networks. But it is also learning how to monetize that former untouchable medium: user generated content.

YouTube is on track to earn $1 billion in revenue this year, due mostly to the simple fact that "it is placing more ads on more videos."