Facebook’s free advertising platform is set to disappear, according to its new chief executive officer, as the social media giant looks to find new ways to compete with traditional media giants.

Advertising platforms have been increasingly relying on online video to drive traffic to its pages, but YouTube is becoming increasingly popular with users, with the video giant paying $1bn to buy the rights to host its videos.

Facebook said the deal would give it the ability to monetise videos on its network, including ads and sponsored posts, as well as videos posted by its users.

However, a new study by the technology industry research firm Zendesk said YouTube’s revenue growth had been cut in half in the past five years, and that it had a 60% chance of being overtaken by Facebook.

Facebook’s revenue from video is projected to grow by 60% this year.

The study said that it found that YouTube had a 50% chance to overtake Facebook in revenue within the next five years.

Google and other internet companies have struggled to find the money to fund their online advertising platforms as advertisers have been squeezed by a flood of cash from governments and internet companies to keep them online.

While Google and Facebook have continued to make money by selling their own search results to publishers, they have also been accused of favouring their own services over those of rival sites.