Content creators, others earn $50b and new revenue is on offer
By Jeph Ajobaju, Chief Copy Editor
Content creators, artists, and media firms have earned more than $50 billion on YouTube in the past three years, says the American video streaming giant now in stiff competition with Chinese TikTok.
As a hedge against further TikTok incursion, YouTube has introduced the next chapter in rewarding creativity, as announced at its inaugural Made on YouTube event.
It is expanding the YouTube Partner Program (YPP) to allow entry of more creators, introducing new ways for creators to earn revenue through Shorts, and re-imagining music industry and creator dynamic by opening up ads monetisation for those who feature music in their videos.
Shorts are surging worldwide, YouTube stressed, with 30 billion-plus daily views and 1.5 billion-plus monthly logged-in users
YouTube will shift from fixed fund to double down on a unique revenue-sharing model for Shorts for both current and future YPP creators, beginning from early 2023.
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Win-win for all participants
Three YouTube executives – Chief Executive Officer Susan Wojcicki, Chief Product Officer Neal Mohan, and Global Head of Lyor Cohen – explained the monetisation programme, as reported by Nairametrics.
Susan Wojcicki
“The YouTube Partner Program was revolutionary when we launched it back in 2007, and it’s still revolutionary today. Over the last three years, YouTube has paid creators, artists, and media companies more than $50 billion.
“That $50 billion has changed the lives of creators around the world and enabled new voices and stories to be told. But we’re not done yet.
“When we introduced the YouTube Partner Program, we made a big bet: we succeed only when our creators succeed. And today, we’re doubling down.
“We’re introducing the next chapter in how we reward creativity on our platform by expanding access to our YouTube Partner program.”
Neal Mohan
“YouTube’s first-of-its-kind, industry-leading Partner Program changed the game for long-form video. And now we’re changing the game again, this time by opening it up to Short-form creators and introducing revenue sharing to Shorts.
“This is the first time revenue sharing is being offered for short-form video on any platform at scale, adding to the 10 ways creators can already earn revenue on YouTube.
“It’ll be available to all of those in YPP – including the new, mobile-first creators, who will be joining the program for the first time.”
Lyor Cohen
“Creator Music is the future. We’re building the bridge between artists and creators on YouTube to elevate the soundtrack of the creator economy; it’s a win-win-win for artists, songwriters, creators and fans.
“With Creator Music, artists have a new way to get their music out into the world; fans can now discover music they love on their favorite creator’s channels, and both creators and artists will have new revenue opportunities.”