YouTube has revealed that it paid more than $8 billion to the Music Industry between July 2024 and this July – a record-breaking year for the platform. The payout underscores the increasing might of YouTube’s advertising and subscription revenue model that is fueling its growth in the music business.
“YouTube’s double engine of ads and subscription revenue is working in all territories, meaning you don’t have to be in one city or one country to be a superstar,” said Lyor Cohen, Global Head of Music at YouTube. “These numbers are tangible, incremental progress — real movement toward creating a long-term home to all artists, songwriters, and publishers,” the writer noted. Cohen revealed the milestone on Wednesday during Billboard Latin Music Week and before Thursday’s official announcement.
The $8 billion figure is a big increase over previous years. YouTube has said it paid out $6 billion from July 2021 to June 2022 and $4 billion in the previous year. The company’s rise reflects its growing influence on the global music economy and its rivalry with streaming giants like Spotify for that terrain.
This year, Spotify reported that it paid $10 billion to the music industry in 2024, compared with $9 billion in 2023. However, neither company’s numbers accurately represent the actual money paid directly to artists, as those fees also include payments to labels, publishers, and songwriters.
YouTube attributed its success to a mix of advertising and subscriptions. The service company said it now has more than 125 million Music and Premium subscribers globally, including people on free trials. What’s more, over 2 billion logged-in viewers watch music videos on the platform every month, cementing YouTube’s status as the premier destination for discovering and connecting with music from around the world.
“As YouTube’s global footprint continues to grow, you can now receive music Promotional and Content ID payouts in more than 130 countries. Similarly, we recently launched Music Charts and Trends, which allows you access to new data that shows how your songs are performing on an even country-by-country basis,” the company wrote in a blog post.
YouTube is now available in more than 100 countries and 80 languages — one of the most accessible sites on the internet for creators. Last month, at its Made on YouTube event, the company also announced that it had paid creators, artists, and media companies more than $100 billion over the last four years.
