Steve Chen, co-founder of YouTube says the time spent by visitors to YouTube makes it a highly valuable proposition for advertisers.  Today at the NewTeeVee conference he reflects on the meteoric rise of YouTube over the past 24 months and explains that ad monetization is going to happen, but will "take a little more time."

He was interviewed today by Om Malik and Liz Gannes, pictured above, earlier today.

Sorry for the sound quality and rough edit, but this is worth watching.

More from San Francisco later.

— Andy Plesser