Google subsidiary YouTube transferred more than six billion dollars (around 6.01 billion euros) to the music industry between July 2021 and June 2022. That's an increase of $2 billion over the corresponding payment in the same period last year, the company said.

User-generated content made up around 30 percent of the profit distribution that the video portal paid to artists, songwriters and other rights holders.

“Most important source of income until 2025”

“I couldn’t be prouder of the progress YouTube has made in bringing revenue back to the music industry.”

Lyor Cohen, Global Head of Music at YouTube

The Google subsidiary will continue to pursue this path in the future.

“We remain focused on our goal of becoming the number one revenue generator for the industry while creating a connected music experience for fans and artists that invites discovery and participation across all formats.”

Lyor Cohen, Global Head of Music at YouTube

This goal is to be achieved primarily through a strong combination of advertisements and subscriptions. According to Cohen, this will become most important source of income for the music industry YouTube wants to boost sales through various new formats such as short videos and live broadcasts .

Positive trend in advertising and subscriptions

When it comes to its advertising business, YouTube has shown record-breaking growth since the start of the Corona pandemic. In the second quarter of this year, the US company was able to generate $7.3 billion in this area.

There is also a positive development in the number of subscriptions. It was only last year that the portal was able to exceed the magical limit of 50 million subscription customers for the first time.

As the music business grows, YouTube is also trying to improve its relationship with artists and rights holders. It was only in August that the video platform - just like its competitors from Amazon Music, Apple Music, Pandora and Spotify - reached an agreement with top music publishers.

This stipulates that the license fees should be gradually increased to 15.35 percent over the next five years.

You might also be interested in : “ USA: 41 percent feel called to be influencers

Source : press release


If you enjoyed this post and value the importance of well-founded information, become part of the exclusive Mimikama Club! Support our work and help us promote awareness and combat misinformation. As a club member you receive:

📬 Special Weekly Newsletter: Get exclusive content straight to your inbox.
🎥 Exclusive video* “Fact Checker Basic Course”: Learn from Andre Wolf how to recognize and combat misinformation.
📅 Early access to in-depth articles and fact checks: always be one step ahead.
📄 Bonus articles, just for you: Discover content you won't find anywhere else.
📝 Participation in webinars and workshops : Join us live or watch the recordings.
✔️ Quality exchange: Discuss safely in our comment function without trolls and bots.

Join us and become part of a community that stands for truth and clarity. Together we can make the world a little better!

* In this special course, Andre Wolf will teach you how to recognize and effectively combat misinformation. After completing the video, you have the opportunity to join our research team and actively participate in the education - an opportunity that is exclusively reserved for our club members!


Notes:
1) This content reflects the current state of affairs at the time of publication. The reproduction of individual images, screenshots, embeds or video sequences serves to discuss the topic. 2) Individual contributions were created through the use of machine assistance and were carefully checked by the Mimikama editorial team before publication. ( Reason )