Google's acquisition of YouTube hasn't exactly paid off. According to Credit Suisse, YouTube will bilk Google for about $711 million this year in operating costs, while it will only bring in a projected $240 million in ad revenue. Time for Google to heave YouTube out the door?Analyst Carmi Levy makes some good points in a recent post about YouTube's future with Google. Carmi's main arguments are these:

1. YouTube costs a lot to operate.
2. YouTube doesn't bring in a lot of revenue compared to operating costs.
3. It's hard to sell against random videos of kids falling off skateboards.
4. The rare viral hit is unpredictable.
5. Most attempts to pair successful revenue strategies have failed.
6. Shareholders are going to eventually get cranky and force Google to bail on YouTube.

With so much against it, it's hard to see why Google may want to continue running the largely user-driven Web site. The main thing YouTube has going for it is potential. The problem lies in converting the potential into cash. Carmi argues that striking deals with recognizable content providers, such as Disney and Universal Music Group, are what may propel YouTube into profitability in the future.

Hulu.com stands as a good example of video success on the Web. Hulu.com hosts movie and television content from FOX, NBC and others. It has been operating for some time now, and has attracted enough advertisers to remain afloat.

Google appears to be making an effort to steer YouTube in this direction, but it has a long way to go.

With YouTube set to empty $471 million from Google's coffers this year, it won't be long before shareholders start asking questions and demanding answers.