YouTube paid $8 billion to the music industry in one year.

YouTube's Record Payment to the Music Industry

One of the most powerful players in the music industry, YouTube, announced that it will make over $8 billion in payments to artists and music companies between July 2024 and July 2025.

Long-Term Sustainable Growth

YouTube's Global Head of Music Lyor Cohen stated, "Today's $8 billion payment demonstrates that our advertising and subscription revenues are working effectively. This figure is a significant milestone in our efforts to develop a long-term growth strategy for every artist, songwriter, and publisher."

Growth Compared to 2022

This new payment sets a record for YouTube's annual payments to the music industry, showing a significant increase by adding $2 billion on top of the $6 billion revenue experienced in 2022.

Competing with Spotify

This announcement comes after Spotify revealed earlier this year that it will pay $10 billion to the music industry in 2024. Spotify made $9 billion in payments in 2023. However, it is important to note that these payments are distributed to record labels, publishers, and other stakeholders as well as artists.