Last 11 July 2019, Neal Mohan, Chief Product Officer of YouTube, announced on VidCon’s 10th anniversary of the exciting opportunities Youtube has in store for creators in the next ten years. The video-sharing platform has shared its plans to keep creators on its platform by introducing new updates to earn and to reach its audience better. So, here are some of the new tools and features Mohan presented
Monetization strategies
Super Chat
Fans of creators can now purchase messages that stand out during a live chat, live streams, and Premieres through the Super Chat feature. According to Mohan around 90,000 channels already have the said feature. The Super Chat feature has helped increase revenue for over 20,000 channels making it their top-earning revenue stream.
Super Stickers
Similar to Super Chat, Super Stickers will enable fans to purchase stickers. Fans can show them off during a live chat, to show how much they appreciate the creator. Stickers come in different designs dependent on categories and language, such as gaming, beauty, music, and so much more. This update will be rolled out in a few months.
Tiered Channel Memberships
Previously, YouTube offered a flat rate of US$4.99 a month to get better perks (e.g. live streams, shoutouts, badges, emojis) from the non-paying fans. YouTube will now introduce a new membership system, which will create a tiered system for fans. Creators can set different levels for their fans, which will include new perks. YouTube started testing the feature on the REACT Channel, which increased the channel’s revenue by six times.
Merch Shelf
YouTube integrated with Teespring to sell merch to their fans without leaving the site. Mohan shared that it will introduce more e-commerce retailers to add on their merch shelf. Some of the retailers mentioned were Crowdmade, DTFBA, Fanjoy, Represent, and Rooster Shelf.
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Source: YouTube
Positive impacts
Learning Playlists
Since many people go on YouTube to learn, the video-sharing platform made it easier for users to view educational videos. The feature has more structure and will have a collection divided into chapters and key concepts. Additionally, YouTube hid the recommendations on the watch page, which would guarantee focus for the viewers. They will start with content from a handful of trusted partners, like Khan Academy, TED-Ed and Crash Course.
YouTube Giving
Several YouTube creators use the platform to increase awareness in charities, foundations, and non-profit organizations. Mohan says that the platform tested out YouTube Giving to allow creators in helping their respective charities. Creators can choose a non-profit, which can be visible during a broadcast. Furthermore, fans can click on the Donate button, to make a direct donation to a chosen cause. So far, the feature is only available for US creators.
The video-sharing platform helps boost creator retention by increasing profit and significance. The new updates wish to ensure that YouTube will maintain relevance in the future.
Implications for Brand Marketers
With YouTube’s new features, brands can engage and interact with their fans further. The tiered channel membership approach can have positive implications on brands because it can help them maintain their customer base. Additionally, brands can attract them through different perks, and premium content which may encourage customers to go on a higher tier.
Brand marketers can benefit from integrating merchandise from YouTube’s Merch Shelf which opens an additional sales opportunity for products. Brands can introduce exclusives from their merch shelf. They can even allow some fans to contribute to review, design, and create merchandise, which is a use of user-generated content.
As an opportunity for educating and informing their customers, the learning playlist will give them more authority. How-to videos, demo videos, case studies, and even webinars are examples of video content that brands can consider.
When YouTube Giving is available worldwide, some brands can tie up their cause or foundation on the platform. It will be a good opportunity for companies to build social responsibility and increase awareness of the good impact the brand is doing.
Source: https://youtube.googleblog.com/2019/07/live-from-vidcon-creating-new.html
