YouTube Made Payments Worth More Than $6 Billion To The Music Industry In The Last One Year

There’s a reason why YouTube is considered to be the world’s biggest music streaming platform. And to further validate that, the company recently mentioned how it had paid more than $6 billion to the music industry in the last 12 months.

The period was outlined to be July 2021 and June 2022. And let’s just remind you that it’s a staggering $2 billion more than what payments were made in previous times. The startling news was announced by the company through its blog where the app’s chief of music had plenty to say on the matter.

Lyor Cohen was very too specific on giving out more stats but one thing is for sure. The post did go into detail about which factors helped in determining the amount payable.

For starters, he spoke about how the platform wished to make its ads and subscriptions the main element that would contribute to its revenue generation. And that’s a target they wish to achieve before the year 2025.

Cohen mentioned that this was the reason why the platform was busy monetizing all kinds of formats related to the music industry. Be it long content, short-form content, live content, and so on and so forth. They also hope to make use of various platforms such as television, desktop, mobile devices, and tablets too. And this is a goal that spans over 100 different nations.

YouTube knows that its success is growing, year after year. The overall time taken to watch various types of content on the app continues to increase year after year.

YouTube says it holds the credit of being the pioneer in generating revenue through UGC. This is the term reserved for user-generated content, and it’s a word that they knew would make it big in the industry.

On average, UGC enabled 30% of the payments sought out for singers, songwriters, and those having rights to the content. And this is the second time in a row that we’re hearing more news about the generation of more than 30 billion views on a daily basis, and nearly 1.5 billion users on a monthly basis.

But despite the company holding on to such huge statistics, we can’t forget how year after year, so many top trade groups have ended up taking issue with the firm’s royalty system. They blame the lack of transparency on the platform to be one major concern.

One day back, we heard the leading company Billboard come out with a series of allegations with so many backed-up claims related from authentic sources against the platform. They state that the app’s rights management model is full of so many inaccuracies and it can set up people for abuse.

Nevertheless, you still cannot argue with the massive success and great impact that this app makes across the board.

Recently, Cohen gave the perfect example of South Korean girl sensation pop band BlackPink and how it managed to achieve overnight success with its single called Pink Venom.

Fans are given the chance to explore, take in, and participate in various types of music throughout different content formats. But it was just an app like YouTube that gives users the chance to experience it all through its platform.

This includes talk about the track’s teaser, Shorts challenge, and then its live-stream premiere, among others. And in just 24 hours, this was the debut hit of the year, the third biggest video to attain so much fame in just one day.

Cohen concluded his blog post by speaking about how the whole process of giving fans a connected experience in the world of music can be great for them and for the artists involved. YouTube hopes to continue its mission to try and assist all music artists to carve a niche and follow a designated path on the app that in the end, aids in providing the most fruitful career.

And let’s not forget how the news comes at a critical time for the app. Just last month, news broke about the firm’s chief business lead, Robert Kyncl resigning despite playing a leading position in the firm for a year. This includes securing major deals in the music industry.

Read next: Mind-Blowing Hacks Revealed That Leading YouTubers Use To Hook Their Viewers
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