YouTube launched a $100 million (roughly Rs. 735 crores) fund on Tuesday to award content creators who create popular videos on its latest short-form video feature Shorts, as part of its plan to attract more influencers in the U.S and India.
YouTube Shorts is a new short-form video experience for creators and artists who want to shoot short, catchy videos using nothing but their mobile phones. YouTube Shorts allows creators to record up to 60-second clips with a timer, and countdown to easily record, hands-free. Creators can edit these clips using filters, speed controls, embedding music through a large music library all in the Shorts tool.
As platforms are racing to attract young creators, the new Shorts fund, according to YouTube, will pay thousands of creators per month whose videos on Shorts attract the most user engagement.
TikTok, a viral video sharing platform, was the first to popularise short-form video clips, and other applications like Facebook-owned Instagram’s Reels, Snapchat Spotlight, and YouTube Shorts soon followed along to keep up the competition.
In July 2020, TikTok introduced a creator fund, which was later expanded to $1 billion (roughly Rs. 7,350 crores) in the United States. Users that post top content on Snapchat’s Spotlight are awarded $1 million (roughly Rs. 7 crores) a day.
YouTube has helped an entire generation of creators and artists turn their creativity into businesses by rewarding more than $30 billion to creators, artists, and media companies over the last three years and is working to bring even more features to YouTube Shorts in the coming weeks.