YouTube Introducing Fan Funding, Cover Song Monetization, & More

YouTube has announced a bevy of new features in an attempt be more transparent with content creators.

The announcement was made in their first Creator Preview video, where they shared some upcoming products and features so that creators can weigh in on what works and what doesn’t.

With the announcement, YouTube has set their sights firmly on creator crowd-funding platform Patreon, which allows users to donate money to creators every time they release a video. Launched just last year, Patreon has been widely adopted by YouTubers that make high quality content because it offers the perfect way to bridge the funding gap between the cost of production and their ad revenue.

Action video makers Corridor Digital, vocal group Pentatonix, and vlogger Chris Pirillo are three of the most successful users of Patreon. Their viewers have collectively pledged to give them well over $5,000 every time they release a new video.

Set to be released in “the next few months,” the feature will bring that external business model ‘in-house’ by allowing viewers to ‘tip’ creators directly on the YouTube platform (and likely killing Patreon in the process).

Another exciting feature that is available immediately is monetization for cover songs. Content ID has been the bane of every YouTube musician’s existence for a long time now. Their biggest complaint is that they put all that effort into performing and recording a song, only to be forced to give all the revenue to record labels and publishing companies.

Now, for a small but growing list of songs, YouTube will allow musicians to share in the ad revenue of a cover song video.

So long as you record everything yourself (don’t use instrumentals or the original artist’s performance) and you’re not performing live at a concert, you’re may be eligible to share in the revenue. Simply check the monetization tab of your video to see if the option is available for you. If not, be sure to check back regularly, as more publishers may enable that feature every day.

YouTube also announced the launch of an improved comment management system, more songs in the YouTube Audio Library, and new courses in their creator academy. Over the next few months, they’re also planning to offer a dedicated mobile app for creators, fan-contributed captions, and add royalty-free sound effects to their audio library.

If you have any feedback for YouTube on these features, reach out to the YTCreators accounts on Twitter and Google+. While you’re there, don’t forget to follow Videoter as well!