For a business purchased for in 2006 for $1.65 billion, YouTube’s revenue from advertising has generated considerable income for its parent company, Google over the past few years. Now, Adweek is reporting that the search engine’s flagship video property is worth around $40 Billion, while its parent company as a whole entity is worth around $400 billion. Banking and finance house Jefferies states that YouTube is on course to grow from $5.9 billion in video ad sales this year to $8.9 billion in 2016. The banking firm stated that the online video advertising industry in the U.S. as a whole would be worth $17 billion by 2017.

YouTube takes a 45% cut of advertising revenue from commercials run against videos across the site (with creators taking the other 55% share). That 45% represents around $2.8 billion of the $5.9 billion in video ad sales that the site is on target to generate in 2014. That’s a 48% increase on 2013. Jefferies is estimating that YouTube’s share in 2015 will be around $3.5 billion.

Google doesn’t release separate financial stats for YouTube revenue but researchers from Jefferies indicate that is worth between $26 billion and $40 billion. If it hits the higher end of that estimate then the video site would be worth more than social media network Twitter, currently valued at around $30 billion. Facebook is worth $200 billion.

Analysts from Jefferies confirm:

With the most viewership by a wide margin (1 billion-plus people each month), the best ad-tech stack, improving content, ubiquity of service (including new extensions into the living room TV) and the skippable TrueView ad format, YouTube makes Google a top pick.