YouTube is ponying up cash in an effort to convince TikTok creators to jump ship to its platform.
TikTok has made countless careers, with creators capitalizing on the platform’s short-form videos to gain fame. Unfortunately, the platform is notorious for paying its creators a paltry amount, compared to competitors, less than a nickel per thousand views, according to the MIT Technology Review.
YouTube clearly sees an opportunity and has announced plans to split revenue with creators for YouTube Shorts. Creators will receive 45%, while the record labels behind the music that is often featured in such videos will receive the remaining amount.
“It’s a really big moment for creators,” Amjad Hanif, YouTube’s vice president of product management, told The Washington Post. “When we launched the partner program 15 years ago, it was the first of its kind and kicked off the creator economy. This brings all the goodness and benefits creators have felt from revenue sharing and brings it over to short form as well.”
While the 45% revenue split is generating a ton of excitement within the creator community, YouTube has yet to reveal how much that will amount to.