YouTube is getting a lot of content made by creators these days and the company wants to focus more on the creator economy as it's been fueling the platform's growth "over the past several years," Managing Director at Google Brian Albert told eMarketer in a recent Q&A session.
Now, YouTube gets 500 hours of content uploaded every minute, which is a 25% surge in comparison to 2015. Albert says creators also get their profits from this surge as every year the San Francisco-based company payouts almost $10 billion every year now to over 2 million creators:
Over the last few years, we've paid out over $30 billion to over 2 million creators who are uploading more than 500 hours of content to YouTube every single minute, which is a lot of money. It's over $10 billion a year.
He also added YouTube is seeing that more and more people care about the content that "relates to their passions and interests [more] than anything else," by conducting a bunch of research activities.
No one's really making a distinction between "Am I watching broadcast cable, online video, or streaming video?" To viewers out there, it's one and the same because we're so programmed right now in this on-demand world, where you and I can watch whatever we want, whenever we want, across whichever device.
To The Moon earlier reported that YouTube made $28.8 billion in advertising revenue in 2021 alone. Given that the company pays its creators just a little over half of the ad revenue, YouTube might have fueled the creator economy with over $15 billion throughout the past year.
Other video-focused social media platforms are also trying to catch up with the growth of the creator economy. TikTok, which earlier faced criticism over low paychecks from the Creator Funds, launched a new ad-sharing program called TikTok Pulse for creators that have at least 100,000 followers.
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