Abstract: YouTube’s growing dominance of the global video market is reshaping the television and media landscapes in Australia and New Zealand, challenging both traditional broadcasters and streaming services like Netflix and Disney. Over 85% of Australian adults and 90% of New Zealand adults engage with YouTube monthly, and its dual-revenue model of ad-supported and subscription-based content is capturing audiences, particularly younger generations. These audiences are attracted to personalised, on-demand experiences provided by YouTube’s precise ad targeting and content recommendations, based on Alphabet’s significant investment in AI. This shift has profound implications for the domestic television industries, vital for its cultural and economic contributions. As YouTube’s penetration deepens, Australian and New Zealand policymakers will need to address the risks of unchecked dominance by global tech players to protect local storytelling, industry sustainability, and fair market competition.