YouTube's monetization opportunity has helped content creators earn more than $30 billion over the past three years. Now, the video sharing service is extending that opportunity to those who create engaging content on Shorts.
Shorts is, of course, YouTube's TikTok rival and it's getting a huge financial support to help boost the creation of original content on the short-form video platform. YouTube announced today a $100 million fund to reward Shorts creators who produce viral content over the period of 2021 and 2022. To scout for creators who are eligible to receive funding, YouTube will reach out to thousands of creators every month if their videos surpass certain engagement milestones.
The fund is also open to everyone, including those who are not members of the YouTube Partner Program. However, YouTube didn't reveal how it would pick creators to qualify for the program or what specific milestones they need to achieve to receive funding. The service only vowed to share more details over the coming months when the fund's release inches closer.
TikTok unveiled a similar effort last year, promising to dole out $200 million to creators who meet its requirements including having at least 100,000 authentic views in the last 30 days. That fund was also expected to grow to more than $1 billion in the U.S. in the next three years, making it a tough contender for YouTube's new program.
In addition to the new fund, YouTube also announced new Shorts features it's been working on, such as the ability to automatically add captions to Shorts, record up to 60 seconds with the Shorts camera, correct the color of videos, and insert clips from your phone’s gallery to your videos. YouTube will also begin to test ads for Shorts and roll out the new “remix audio” feature to creators after its preview earlier this year.