Image Credit: YouTube
YouTube are closing in on Spotify’s $7 billion paid to the music industry in 2021, with $6 billion paid between July 2021 and June 2022.
Last year, YouTube reported they had paid out over $4 billion to the music industry over the past 12 months. This week, Global Head of Music at YouTube, Lyor Cohen announced they had increased this amount by $2 billion or a massive 50% year-over-year.
Coming in just shy of Spotify’s reported $7 billion over 2021, YouTube hopes to be the number one contributor of revenue to the music industry by 2025. This revenue is generated by ads supported videos and subscription based models. YouTube says their all-in-one platform monetizes videos of all forms and across devices, whether that’s short-form videos, long-form videos, audio tracks, Live and beyond, streamed on desktop, tablet, mobile and TV, across over 100 countries. YouTube hopes to build a long-term monetization solution for Shorts in the near future.
Overall watch time of music content on YouTube, across devices, continues to grow year-over-year. UGC is responsible for over 30% of payouts for artists, songwriters and rights-holders for the second year in a row, while Short brings in 30 billion views per day, for up to 1.5 billion monthly logged-in users.