Youtube Revitalizing Its Value For Musicians
It's no question that TikTok is currently one of the most influential platforms in the music industry. Multiple songs such as Supalonely and Blinding Lights have gotten famous off of the app and have broken records. Due to the solidification of TikTok’s importance, YouTube has decided to reassert its importance and position within the music industry.
YouTube believes that they play a big role within the music industry and notes that the platform paid over 4 billion dollars to the music industry in the last 12 months alone. This was done through the various elements that enable musicians to promote their music and directly monetize content through the app.
According to YouTube: "YouTube is the world’s largest stage, and advertisers are eager to tap into the deep music engagement that the platform enables. With over 2 billion users watching music videos monthly, YouTube allows advertisers to reach audiences they can’t find anywhere else. In addition, we added more paid members in Q1 ’21 than in any other quarter in our history." Youtube also noted that among the billions of dollars generated for artists, singers, songwriters, and rights-holders, over 30% came from user-generated content.
"Fan-powered videos have always flourished on YouTube, helping artists grow their audiences and break songs around the world. We’re thrilled it’s now also become a meaningful and incremental source of revenue alongside premium music content."
Youtube’s note seems like a reference to TikTok which drives and greatly influences the music industry with hashtags and memes bringing tons of unknown songs up into the charts.
Reading in between the lines of YouTube’s statement, they seem to be saying that they actually create REAL money for artists while TikTok only makes music known. They are basically trying to imply that YouTube helps musicians build business interest rather than just fueling new dances and skits.
However, it really is difficult to calculate the FULL revenue potential of TikTok as many songs have gained traction through the app and have become big sellers, generating significant revenue for their creators. Even old songs have been brought back from the dead and into the Billboard Top 100, such as Fleetwood Mac’s 'Dreams' from back in 1977.
Overall, it really is difficult to say which is the better platform. Youtube has direct revenue and more quantifiable tools, but TikTok has amazing exposure. All we can do is wait and see as YouTube has noted that it’s working on new features for musicians as well as new revenue generation options!