YouTube emphasizes its value to musicians as TikTok continues to rise
With TikTok strengthens its ties with the music industry, and becoming an increasingly influential platform for music trends, YouTube has tried to highlight its importance, with a new set of insights about the role it plays in empowering musicians and enhancing their content.
And the role is important – according to YouTube, the platform in the last twelve months alone has paid more than $ 4 billion to the music industry through the various elements that enable musicians to promote and earn their content in-app directly.
As per Youtube:
“YouTube is the largest scene in the world and advertisers want to take advantage of the deep music engagement that the platform offers. With over 2 billion users watching music videos monthly, YouTube advertisers can reach the audience they can not find anywhere else.” more paid members added in the first quarter ’21 than in any other quarter in our history. ‘
Note: If you’ve been hoping that the constant reminder to sign up for YouTube Premium may disappear soon, these statistics indicate that this is not going to happen.
YouTube further notes that oOf the billions it has generated over the past year for artists, songwriters and rights holders, more than 30% comes from the UGC.
“Fan-driven videos have always flourished on YouTube, helping artists grow their audiences and break songs around the world. We are delighted that it is now also becoming a meaningful and incremental source of revenue along with premium music content.”
This seems to be a clear reference to TikTok, where the hashtag trends and memes are now fueling great engagement with the latest tracks.
In this context, the message from YouTube seems to be ‘we generate real dollars for artists’. While TikTok is the popular app in this context, YouTube says it can help musicians build their business interests, rather than just inciting new dance moves.
While the full revenue potential of this is of course difficult to qualify, many songs that gained traction on TikTok have still become big sellers, providing a significant revenue stream for their creators. Even older songs have seen revival through TikTok trends – Fleetwood Mac’s Dreams, released in 1977, entered the Billboard Top 100 again last year at the back of the viral track of a skater driving down the street.
Given that, it’s hard to say which is a better platform, YouTube or TikTok, for music promotion, but YouTube says that the revenue potential is more direct, more quantifiable, something you can link directly to the instruments and processes.
In addition, YouTube notes that it is working on new offers for musicians as it wants to build more revenue generation options.
“We continue with innovative products with direct fans, such as tickets, merchandise, memberships, paid digital goods and virtual ticket events. The paid virtual concert of BLACKPINK – THE SHOW – has sold nearly 280,000 channel memberships in 81 countries and helped the group earn 2.7 million new subscribers to their official artist channel. ‘
On the one hand, it’s a general update on the progress of YouTube’s musical instruments, but it’s actually focused on TikTok, emphasizing the benefits of YouTube for musicians through the rising app.
Which is not surprising. YouTube, the clear leader in online videos, is already trying to hamper TikTok’s growth with its own replica short video feed, and as TikTok continues to gain traction, YouTube will remain focused on keeping it, where possible, as it seeks to ward off potential competition.
Will the utilization of its potential income work in this regard? It’s certainly a powerful reminder for artists – and for marketers alike, it’s the importance of YouTube in this regard, for related campaigns and outreach.