YouTube creators made $70 billion in last 3 years: Company plans to grow more

YouTube has revealed its plans to further expand its influence in the entertainment industry, with a strategy focused on artificial intelligence, commercialization of content and an emphasis on subscriptions. (Reuters/Dado Ruvik)

Over the past three years, YouTube has paid out a whopping $70 billion to video publishers on its service, showing how it has become a major source of revenue for both creators and the media companies they serve. They reach a much larger audience.

CEO of youtube, Neel Mohanannounced the milestone in a letter to its service’s video community on Tuesday, in which it also outlined the platform’s priorities for this year.

In this he talked about focusing artificial intelligence To facilitate video creation, increasing professional quality videos and emphasizing subscriptions so consumers can watch videos without advertising, paying dividends to content owners.

The letter follows a strong financial year 2023 for the parent company Alphabetwhich is partly driven by the rapid expansion of Google’s advertising and subscription businesses youtube,

The video giant, which earned more than $9 billion for Alphabet last year, has become a huge source of potential growth for its parent company as consumers increasingly shift their entertainment time from cable TV to streaming. are, in many cases on a big-screen TV in your living room. ,

“They are looking youtube In the same way as we used to sit together to watch traditional television shows,” Mohan said.

As a sign of its reputation among creators, youtube It already has over three million channels registered in its advertising and subscription revenue sharing program (YPP, These channels – mostly individuals and small businesses that Mohan described as “next generation studios” – receive a share of the revenue generated from their videos.

YouTube CEO Neil Mohan highlighted the growing importance of the platform to consumers who prefer streaming, especially on large-screen devices, rather than cable TV. (Reuters/Dado Ruvik)

Mohan has suggested in his letter that the world of creators has become so big. youtube can put pressure on creators Washington Regarding unspecified legislation. He wrote that the company will “help policymakers and partners across the industry see the economic and entertainment value creators bring.”

Regarding membership, Mohan Wrote about its importance for YouTube and said that it will contribute more in 2024. Last year they made $15 billion, driven by YouTube’s offerings of premium TV, music and NFL Sunday Tickets.

Mohan also revealed this youtubetv (an alternative to cable) has 8 million subscribers, while Music has 100 million (including trial members).

The huge number of subscribers shows how YouTube continues to invade an area dominated by paid streamers Netflix And spotify Premium, especially the latter, as the music platform has 226 million paying subscribers worldwide (whereas Netflix has about 260 million).

real scenario for youtube compete with Netflix And spotify This is the living room of the house. with the help of youtubetv, nfl sunday ticket and other big-screen-ready content, Mohan said, adding that users watch an average of more than 1 billion hours of YouTube content per day on their televisions rather than their laptops or smartphones.

This comes at a time when the platform is facing TIC Toc The dominance of short video clips, especially with the introduction of competitive shorts TIC Toc,

While living room-generated content may raise alarm bells for creators — most of whom don’t have the means or training to create long-form content — Mohan is hopeful that aye Let go of your fears, with “Enough Protection” from YouTube.

these tools aye include dream screenthat creates a professional or realistic looking background, and Music AI Incubator, which helps with audio. He concluded, “Everyone should have access to AI tools that push the boundaries of creative expression.”

(c) 2024, Fortune

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