In a update today, YouTube revealed that it paid $ 4 billion to the music industry over the past twelve months, while Premium and Music Premium subscriptions experienced remarkable growth earlier this year.
In a letter, Lyor Cohen, head of music, provided these details today and summarized YouTube’s ambition as such:
As a visual audio platform, our goal is to become the leading revenue generator for the music industry and help artists around the world build a music career. We’re in a unique position to achieve this goal, as YouTube earns revenue from the end-to-end music experience globally.
Highlights YouTube’s free-tiered “twin-engine growth approach” with ads (or attention) in 180 countries and subscriptions in 96. Google added more paying customers during the first three months of this year than any other quarter in its history. Re-enter Q3 2020, Google said it had 30 million Premium / Music Premium customers paying.
Cohen announces how all music experiences from various Google platforms / experiences are monetized, including TVs and smart speakers. Another unique advantage is fan videos, with YouTube announcing that more than 30% of the $ 4 billion generated for artists, songwriters and rights holders in the last twelve months comes from user-generated content. YouTube says UGC “has become a significant and incremental source of revenue along with premium music content.”
The last point Google made today concerns direct products to fans that provide new sources of revenue. This includes ticket sales, merchandise sales, subscriptions, digital paid products, and virtual events.
BLACKPINK’s virtual paid concert, THE SHOW, sold nearly 280,000 channel members in 81 countries and helped the group gain 2.7 million new subscribers to its official artist channel.
Learn more about YouTube:
FTC: We use auto-affiliate links with revenue. Month.