In an update today, YouTube announced that it paid $4 billion to the music industry over the last 12 months. Premium and Music Premium subscriptions saw notable growth as well.
Head of Music Lyor Cohen summarized YouTube’s ambition, stating “our goal is to become the leading revenue generator for the music industry and to help artists around the world build a career making music.”
He further emphasized their “twin-engine growth approach” of an ad-supported free tier in 180 countries and subscription tiers in 96 countries, which he terms as users either paying with their attention or their wallets.
Far from that, the Google company has achieved a milestone by recording more paying customers in the first three months of the year than any other quarter in its history.
With over 2 billion users watching videos monthly, Cohen revealed they generated $4 billion from artists, songwriters, and rights holders in the last 12 months. 30% of it came from fan-powered, music reaction videos that YouTube says have become a meaningful and incremental source of revenue.
It’s nice to see YouTube making such achievements. After all, it offers a lot of good content at no cost. Well except for the annoying ads before every video, it’s still one of the best video-streaming apps out there.
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Alfred Gitonga is a passionate tech news writer with a deep interest in smartphones and related technologies. He is a staff writer at Mobitrends.co.ke.
