YouTube, the social media platform owned by Google, has disclosed that the platform paid out over US$4 billion to artists, songwriters, and rights-holders over the last 12 months.
The company generated $19.78 billion from advertising during 2020.
According to Lyor Cohen, the global head of music, the money is generated from YouTube ads, YouTube Music, and YouTube Premium subscriptions.
The US$4 billion-dollar payout is said to be $1 billion more than was paid out in 2019.
Spotify had also announced earlier that it had paid out more than $5 billion in royalties in 2020.
Cohen said YouTube’s aim is to become the leading revenue generator for the music industry.
Readers Bureau, Contributor
Edited by Jesus Chan
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