Last month, the Made in YouTube event saw the platform unveil some major new changes and projects designed to support creative entrepreneurship and herald the next chapter of the social site’s journey.
Updates were announced to the YouTube Partner Program, enabling more creators to monetize their content, and new ways to make money on Shorts were unveiled, including revenue sharing on ads. New methods have also been introduced for creators to monetize content that incorporates popular music, with the introduction of copyright-free music for YouTube removing much of the red tape that has previously hampered users. We explore these updates in detail below and take a look at what the future holds for this most innovative of social media platforms.
Expanding the Partner Program:
The YouTube Partner Program (YTT) was launched in 2007. It represented a unique and innovative business model that allowed creators, for the first time, to earn money from their content and represented a seismic industry shift. In the past three years alone, YouTube has paid out more than $50B to affiliated creators, artists, and media companies.
Many of those enrolled in the platform’s Partner Program have gone on to take highly successful businesses to market or become some of today’s most innovative entrepreneurs. YouTube said at the event that it was keen to take the next step on this path and open up opportunities to even more of its users – a desire that was the driving force behind last month’s announcements.
Today, YouTube currently boasts over two million partners who can make the most of multiple ways to generate revenue. As part of the Made on YouTube event, the expansion of this program was announced, meaning that more artists and creators will be able to make money via the platform.
YouTube is keen to support new creators by offering early access to Fan Funding features and rewarding creators for posting in various formats. At the same time, the existing support and opportunities provided by the Partner Program will continue – the changes are designed to reflect the growing diversity of the YouTube creator community.
As before, creators can still apply to the Partner Program once they reach 1,000 subscribers and 4,000 watch hours.
New Ways to Monetize Shorts:
YouTube’s Shorts have proved extremely popular, racking up over 30B daily views and seeing 1.5B active monthly users.
To recognize the creative contribution of the Shorts community, YPP creators will be eligible for revenue sharing on Shorts via the new Shorts Fund. This pot of money will be made up of the revenue generated from the ads run between reels and will be distributed to creators based on the number of views their content has notched up.
YouTube stated at the event that the Shorts Fund has been designed with sustainability in mind and is set to be around for the long haul. The majority of Shorts Fund creators can expect to make more money as a result of the initiative.
The upcoming launch of Super Thanks for Shorts was also announced, with a rollout expected in 2023. This initiative will allow viewers to show their appreciation for their favorite Shorts and will also allow creators and fans to connect and interact through purchase, highlighted Super Thanks comments.
The Introduction of Creator Music:
YouTube also took advantage of its Made on YouTube event to unveil its brand new, highly-anticipated Creator Music program. The program aims to bridge the gap between creators and the music industry, to develop a scheme that benefits both parties and removes much of the hassle of using licensed music in a video.
Creators can now head to YouTube Studio to find a vast (and ever-growing) library of popular music that they’re free to use in their content. To do so, the creator can either purchase a one-time license or opt for revenue sharing. In the latter case, revenue generated from the content will be shared between the creator and the artist.
YouTube stated at the event that it hopes the program will facilitate the blossoming of multiple creator-artist collaborations, help new musicians build an audience, and offer additional opportunities for creators to develop a sound revenue stream.
YouTube is a platform that is constantly in innovation mode, barely staying still for a moment, which means that more developments over the coming months and years are inevitable as the company adapts to a changing market and user base. With rivals like TikTok constantly snapping at its heels, doing so is vital to staying relevant.
Increasing personalization of recommended content is almost sure to be seen – ever more complex algorithms will likely be deployed to intuit exactly what you might want to see, play, or buy, and when.
Immersive experiences will also come to the fore and, in time, become the standard way content is consumed. Initiatives such as those detailed above will focus on ways to optimize virtual interaction between artists and creators, bringing those who make music, those who incorporate it into videos, and those who view these videos closer than ever.