YouTube CEO Susan Wojcicki reported last week that it has the lowest per-stream payouts among streaming music platforms. On the 15th Anniversary of YouTube, she penned a letter on how far the platform has come and where it is going. She stated some gigantic numbers like how the site has more than 2 billion users a month. An absurd 500 hours of video are uploaded every minute.
When it came to music, Wojcicki went into how YouTube has a twin-engine for creating revenue. One for advertising and one for subscribers. They have also begun to partner with artists, most notably Dua Lipa. She was in YouTube’s first-ever Foundry program – their initiative to develop independent music acts. There are a few artists connecting with the music community through videos as well. Martin Garrix, Justin Bieber, and Billie Eilish find creative ways to go behind the scenes. Susan had this to say:
“from its early days, YouTube has been a home for artists who found creative ways to use the platform to help expand their reach… Last year, Lil Nas X’s “Old Town Road” became a YouTube phenomenon and the longest-leading single atop the Billboard Hot 100.”
The press release goes into detail about the future of YouTube too. Their other major goals include are to continue to work with media companies to extend audiences, help all sizes of advertisers, and still be the place people come to laugh and learn. They also vouched to make sure the news is as reliable as possible with the upcoming presidential election on the horizon.