Looks like YouTube’s dabbles in content development haven’t been paying off. Kevin Yen, the video site’s director of strategic partnerships, told McGraw-Hill (NYSE: MHP) Media Summit attendees that YouTube is “not good at content”—and because of that, buying out a media company like NBC wouldn’t make sense (via Mediaweek). And that means no bailing out struggling content studios trying to survive the recession-driven online video shakeout either.

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Google (NSDQ: GOOG) has steadily pumped money into developing shows for YouTube in recent months, and the video site has partnered with everyone from international orchestras, to studios like Embassy Row, to Seth MacFarlane to produce them. But Google also knows how to pull the plug on projects when they’re not making any money—so Yen’s comments could point to fewer fortes into YouTube-backed original series and events this year.

Updated: Yen said sponsors funded shows like Embassy Row and MacFarlane’s Cavalcade of Cartoon Comedy, and that the company will continue to “support content creation of this and other models.”