YouTube: A Tremendous Opportunity in the Making!
In its early days, YouTube was not the massive platform it is today. It faced competition from rivals like Vimeo, and revenue sharing with creators was not a reality. After Google’s acquisition, YouTube became a monetized platform, but initially, not many creators jumped into the YouTube Partner Program (YPP). However, those who believed in the platform and participated early on, creating diverse content, gained wealth and fame. While the competition has become fiercer over time, many creators are still challenging themselves to become Key Opinion Leaders (KOLs).
Within YouTube, another significant opportunity akin to those early days is emerging, and this time, it lies in the commerce sector, which can bestow wealth and influence. YouTube Shopping hasn’t seen significant developments thus far. However, as the number of creators increases and revenue per view declines, YouTube is strengthening its presence in the shopping category alongside the reinforcement of Shorts.
YouTube has established conditions for monetized channels through the YouTube Partner Program (YPP). Previously, the requirements included 1,000 subscribers, 4,000 watch hours per year, and 10 million Shorts views within 90 days.
These were challenging thresholds for novice creators, demanding a substantial amount of time. Recently, YouTube lowered the criteria to 500 subscribers, 3,000 watch hours per year, and 3 million Shorts views within 90 days. Consequently, this change opens up more opportunities for creators to monetize their content.
With these revised conditions, creators gain access to real-time support funds through features like Super Chat and Super Stickers, as well as channel membership, where viewers can subscribe to their favorite creators. However, the most significant advantage is the ability to leverage YouTube Shopping.
The current online shopping landscape is dominated by a few major platforms, and the power sellers within them have already established strong positions. For sellers, achieving significant success on these platforms has become nearly impossible. In such circumstances, the opportunity to open a shopping category within YouTube, with its substantial traffic, cannot be overlooked. The most crucial condition for success on any platform is being an “early adopter.” Successful creators today had an easier trajectory by entering YouTube at its inception. The same principle applies to the shopping category: those who enter first have an advantage in scaling their operations.
Now, both creators and sellers need to embrace the shopping functionality to maximize their earnings. For example, let’s consider a creator who specializes in reviewing furniture. This creator has surpassed 10,000 subscribers, and their reviews are seen as trustworthy and expertly curated, leading to increased sales. However, this channel can become more than just a platform for reviewing their own furniture. If the reviewed furniture sells well, it can transform the channel into a small online store rather than merely operating on a product placement basis.
If YouTube Shopping is seized at this moment, it is highly likely that large-scale successful sellers will emerge rapidly. This situation will illuminate the true audience potential of the VIM platform.
