I can understand the usefulness of search ads and ads on maps, but if I see an ad on youtube it is unlikely I am going to go buy a product.
YouTube can target ads much better than TV, and with TrueView ads the advertiser only pays if the viewer doesn't skip, so more of the revenue is going to be coming from ads that mutually add value (at least that's the theory)
There's a correlation between TV advertising and increased sales over the long term.
http://adage.com/article/media/study-affirms-long-term-sales...
(The favorability thing has been lab-tested by showing people subliminal adverts, among other things.)
This is why super bowl ads are more expensive per viewer, because the audience can expect their social group to have also seen the ads.