Entertainment

YouTube says it paid $6 billion to the music industry – The Hollywood Reporter

YouTube says it paid out more than $6 billion to the music industry between July 2021 and June 2022, up $2 billion from the $4 billion in payments the company announced last year. .

The company says user-generated content makes up 30% of payments to artists, musicians and rights holders.

“I couldn’t be prouder of YouTube’s progress in driving revenue back into the music industry,” Lyor Cohen, YouTube’s Global Music Director, said in a statement. “We remain focused on being the number one revenue contributor to the industry while building a connected music experience across all music formats for fans and artists to discover, consumption and participation.”

In a separate blog post shared on Tuesday, Cohen said he wants to combine advertising and subscriptions to be “the #1 revenue contributor to the industry by 2025,” and pointed to his efforts. YouTube in monetizing multiple formats, including short and live video.

YouTube’s advertising business, which enjoyed record growth in the early years of the pandemic, brought in $7.3 billion in revenue for the second quarter. Last year, YouTube said it surpassed 50 million YouTube Music subscribers, both free and paid users.

As the company grows its music business, YouTube is also looking to revamp its relationship with artists and rights holders. In August, YouTube – along with Amazon Music, Apple Music, Pandora and Spotify – reached agreements with leading music publishers to gradually increase its copyright rate to 15.35% over the next five years. The deal has helped avoid a repeat of a lengthy legal battle between streamers like Spotify and YouTube and music rights holders, who have been vying for copyright rates between 2018–2022.

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