Google chairman Eric Schmidt has declared that Internet video has crushed traditional television. In a meeting with advertisers on Wednesday, the former chief executive said that “the future is now” for YouTube. Google’s popular video sharing website recently passed a billion unique monthly visitors, however Schmidt’s eyes are focused on the future. He noted that once YouTube expands to more third world countries, the number of visitors will be much larger.

“Wait until you get to 6 or 7 billion,” Schmidt said, according to the Associated Press. “It’s not a replacement for something that we know. It’s a new thing that we have to think about, to program, to curate and build new platforms.”

YouTube’s global head of content, Robert Kyncl, notes that “TV is one-way,” but “YouTube talks back.”

Google has evolved YouTube into a valuable competitor to traditional TV programing. The company is rumored to take its attack on TV one step further when it offers select partners the opportunity to charge a fee for their content, in addition to offering programming on an episodic basis and supporting special pay-per-view events.