Online video is fast becoming huge in multiple online platforms. Snapchat, Vimeo, and Vine, to name a few, affirm the hold of video sites on the online communities all over the world.

Social network giant Facebook has also forayed into the business of online video. But the biggest name in the industry, Youtube, does not seem to be shaken by it. 

"It will be a decade before we bump into each other," content and business operations head of Youtube, Robert Kyncl, said on Financial times. 

Kyncl also noted that market for online video is expanding fast. He said that Youtube and Facebook can capitalize on advertisements to widen audience and grow as companies.

Advertisers are slowly shifting their marketing strategies from traditional media to these innovative means, and Kyncl sees this as an opportunity to expand the market of online video streaming.

The social networking site has announced on Wednesday that it will be sharing revenues from advertising with users who upload videos on Facebook. 

The company will introduce the Suggested Videos segment on its feed, which will feature frequently-viewed clips uploaded on Facebook.

BBC reports that the social media site will be keeping 45% of the revenues from video clips that generate high number of views. The remaining 55% will be for the makers of the videos. The revenue share for Youtube became 55-45 beginning in November 2013.

Facebook reportedly surpassed Youtube's views in December 2014 according to IHS's Eleni Marouli, advertising analyst. From there, Youtube is projected to lose more viewers. Last month, HBO announced that some of the channel's shows will also be streamed on Facebook.

Youtube, owned by search company Google, brags its thousands of widely-viewed channels. Movie companies and hollywood stars chose the site as one of their promotional platforms.

Some big names on Youtube include Vevo, Bigframe, and Marker Studios. Vevo alone gets millions of views in a week from artists such as Shakira and Taylor Swift.