YouTube at its inaugural Made on YouTube event on Thursday, revealed that it has paid content creators, artists and media organisations over $50 billion in the past three years.
The company stated that it is expanding the platform’s monetization system – the YouTube Partner Program (YPP), to allow more creators to join the program. It is also introducing new ways for creators to earn revenue through Shorts, and re-imagining the music industry and creator dynamic by opening up ads monetization for those who feature music in their videos.
This program is in line with Youtube’s plan to provide 45% of its ad revenue to Shorts creators.
According to YouTube, with 30 billion-plus daily views and 1.5 billion-plus monthly logged-in users, Shorts are exploding around the world. To reward this new creative class, the company said it would be moving away from a fixed fund and doubling down on a unique revenue-sharing model for Shorts for both current and future YPP creators beginning from early 2023.
Speaking on the monetization program, YouTube CEO, Susan Wojcicki, said: “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”, she added.
YouTube’s Chief Product Officer, Neal Mohan, said: “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.”
Also, Lyor Cohen, YouTube’s Global Head of Music, said: “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 favourite creator’s channels, and both creators and artists will have new revenue opportunities”, he added.