YouTube claims to have paid US$4 billion to the music industry in last 12 months
YouTube says it has paid over US$4 billion to the music industry over the past year.
In a blog post, YouTube’s global head of music Lyor Cohen, said that 30% of that US$4 billion figure came from user-generated content (UGC) on the platform.
Cohen also claimed that YouTube has paid more members in Q1 of 2021 than any other quarter in its history.
“Fan-powered videos have always flourished on YouTube, helping artists grow their audiences and break songs around the world,” Cohen said of the service’s growing viewership and revenue in regards to UGC.
“We’re thrilled it’s now also become a meaningful and incremental source of revenue alongside premium music content.”
Cohen also touched on the platform’s desire to monetise all music experiences where possible, as well as continuing to drive its twin-engine growth and seek out new sources of revenue for creators.
“Building the best music experience for fans and empowering all artists to grow their careers are mission-critical for us,” Cohen said.
“I couldn’t be more excited about the music industry’s future. These days when my mom asks me what I do for a living, I tell her I’m helping to make sure the next Kurt Cobain doesn’t have to become a dentist.”