YouTube has released the Youtube Shorts beta version with extra features in India and the US. This beta version aims to grow the Youtube Shorts further. The platform is already receiving positive feedbacks and exponential growth due to the popularity of the short video format.
YouTube has introduced two new functionalities in the new version. First, it has included some new features for editing purposes. Second, YouTube Shorts have announced $100 million creator funds for 2021/22.
How Youtube Shorts Fund will Work?
In its official blog post, Youtube said that a $100 million short video fund will be distributed for the year 2021/2022. All short video creators are eligible to participate in the fund. Users can create unique videos to get a shout-out from the youtube community.
Finally, the youtube team will contact the thousands of creators that got maximum engagement in a month. Shortlisted creators will be rewarded and they will also share the feedbacks with the Youtube team to make Youtube Shorts platform better.
The criteria to choose the creators will be strict. The team will only shortlist the creators having unique content and also have followed the community guidelines.
Youtube also told that it will reveal more details about the creators’ fund in the coming months.
Talking about the future of monetization on Shorts, Youtube wrote in its blog post:
“Shorts Fund is the first step in our journey to build a monetization model for Shorts on YouTube. This is a top priority for us and will take us some time to get it right. We are actively working on this, and will take the feedback gathered from our community to help develop a long-term program specifically designed for YouTube Shorts.”
YouTube Shorts has also introduced few new features to make video editing attractive. Users can now add captions automatically to their videos. Not only that, but a creator can also add the video clips in its short camera recording from the mobile phone. Youtube’s short camera will also allow you to shoot sixty seconds video.
The video giant also revealed that it will bring more color filters and color-correcting features in the coming months.
Can Short Video Platforms Compete with Tiktok?
Talking about short video’s future growth, Youtube said:
“We’re excited to start rewarding creators for their contributions through the Shorts Fund. At the same time, we’ll expand our Shorts player across more surfaces on YouTube to help people find new creators, artists, and Shorts to enjoy. We will also begin to test and iterate on ads to better understand their performance.”
YouTube has a monopoly in terms of the long format of videos. The firm is the only place to find all authentic creators and artists. Youtube claims that it has paid over $30 billion to video creators, artists, and media companies in the last 3 years. The short video platform is the recently launched feature by Youtube. And it is growing exponentially in that field as well.
Short video platforms competition is heating up nationally and globally. In India, short video apps like Moj, Chingari are trying to woo the ex-Tiktok users, whereas global short video platforms like Instagram Reels and Youtube Shorts are competing against the short video giant Tiktok.
No one is indeed coming closer to the popularity of Tiktok. The Chinese app was the most downloaded non-gaming app in 2020 globally. In 2021 also, it is ruling the chart. Instagram reels and Youtube shorts are trying hard to attract short video creators with unique features and creators’ funds.
It will be interesting to see how the Youtube creator fund will help the platform. YouTube Shorts’ growth is extraordinary in the last few months. But, can it compete with Tiktok?