POV: YouTube’s New Creator Tools

Background:

YouTube is adding more creator tools including NFTs, video effects and Live shopping, expanding the ways creators will be able to connect with fans and monetise their content.

Details and implications:

In a blog post this week, YouTube’s Chief Product Officer, Neal Mohan, gave more details on the platform’s plans to build more tools for creators this year, to enable them to generate new ideas, monetise their content and interact with viewers.

YouTube has plans to expand shopping services broadly across the service and explore other ways to incorporate shopping into the YouTube experience, beyond shoppable videos and Live Shopping that has been in testing in recent months.

YouTube Shorts (YouTube’s short-form video feature) will get some new features and tools, with the roll out of new video effects, editing tools and analytics for creators, to help them elevate their work and understand how viewers are interacting with their content and spark ideas for new videos.

Creators will also be able to reply to individual comments by creating a Short – a feature widely used on TikTok to directly engage viewers. Additionally, there are plans to introduce new ways for creators to monetise Shorts with more avenues for branded content, bringing Super Chat to Shorts and further down the line the ability to shop from a Short.

YouTube is also adding new livestreaming features, to further compete with Twitch, with the ability for creators to go live together. The aim is to boost interactivity by giving creators a tool to differentiate their content in a format that can become a bit one dimensional. The platform is also looking at testing gifted memberships – another popular Twitch feature.

Finally, YouTube is also looking at jumping on the NFT bandwagon and integrating the technology into its creator tools - allowing creators to sell content as NFTs so fans can “own” unique photos, videos, art and even experiences. Mohan said: “We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. Together, they'll be able to collaborate on new projects and make money in ways not previously possible."

This isn’t a first for a social platform as YouTube’s competitors are already introducing or working on their own efforts around NFTs. Twitter users can now display their NFTs as profile images, and it is reported that Instagram and its parent Meta are looking at building out a bigger business around NFTs, including a possible marketplace to buy and sell them.

Summary:

Successful creators bring in advertising dollars. YouTube is continuing to pursue ways to help creators generate engaging content and monetise it, hoping to keep them on its platform as its battle for both creators and users with platforms like TikTok, heats up.

Further Reading:

TechCrunch / The Verge / NBC / YouTube blog