YouTube said it has paid over $1 billion in advertising revenue to artists, labels, and publishers in the music industry over the past year.
According to a post on the YouTube blog, this is “just the beginning” in terms of the music industry making money from advertising.
“As more advertising dollars shift from TV, radio, and print to online services, the music industry will generate even more revenue from ads,” said Robert Kyncl, Chief Business Officer at YouTube.
“In the future, the music business has an opportunity to look a lot like television, where subscriptions and advertising contribute roughly equal amounts of revenue.”
Kyncl said YouTube and the music industry still have a “lot of work to do”, but that the future of subscriptions and advertising in music was looking strong.