YouTube Paid Over $6 Billion to Music Industry in Past 12 Months

It was announced in June 2022 that YouTube, which serves as the world’s top music streaming platform, paid the music industry over $6 billion in the 12 months between July 2021 and June 2022 – a $2 billion increase from the previous year. Similarly to last year, the platform’s head of music, Lyor Cohen, announced the news via a blog post.

This post does not address all the contributing factors, but it does outline a few. Cohen wrote, “We aim to be the industry’s top revenue contributor by 2025 through our twin engines, ads and subscriptions.” YouTube monetizes everything from short and long videos, audio, live streams, and TV shows on all platforms (desktops, tablets, mobiles, and TV). Music content on YouTube is being watched more on desktops, tablets, mobiles, and TVs each year. “Additionally, we pioneered how to monetize user generated content (UGC), which has the potential to become an engine of economic growth more than 30% of artist, songwriter, and publisher payouts came from UGCnd .This year, Shorts generated 30 million dollars for rights-holders billion views per day, with 1.5 billion monthly logged-in users.”

Although YouTube has big numbers, music industry trade groups and others have complained over the years about its lack of transparency and insufficient payouts. According to a Billboard report published just a day ago, YouTube’s rights-management system is “full of errors” and “ripe for abuse,” based on unnamed sources’ claims.

Despite its influence and success, there is no denying its success. Using BlackPink’s current “Pink Venom” single as an example, Cohen wrote that YouTube is the only online platform that can deliver the complete experience of discovering, consuming, and participating in music across multiple formats. In addition to the music video teaser, fans participated in the Shorts challenge and watched the video premiere live.“ Pink Venom” became the biggest 24-hour music video debut of 2022 and the third biggest music video debut of all time.”

“It’s great for fans to have a connected music experience across all formats, but it’s also great for artists,” he concluded. Artists of all kinds. It’s our mission to help them develop financially sustainable careers on YouTube, whether they want to be occasionally brilliant or always on.”

Robert Kyncl, YouTube’s chief business officer for the past 12 years, announced late last month that he will leave the company in early 2023. Previously, Kyncl played an important role in transitioning Netflix to digital, helped YouTube become a multibillion-dollar powerhouse, and was a major player in its music business dealings.

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