YouTube said it plans to launch its own $100 million creator fund to attract a greater number of video makers and rival apps such as TikTok which have recently launched similar initiatives.
The new YouTube Shorts Fund will be accessible by anyone who creates unique short form videos for the community.
YouTube will select the videos that get some of the most engagement and views and reward them monetarily over the next few weeks.
As long as creators adhere to the Community guidelines on the platform, they will be eligible and not only those who are part of the Partner Program.
YouTube said it is currently working on a monetisation model for YouTube Shorts in particular.
In a blog post, the company wrote:
“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.”
The platform recently added a feature that lets users remix audio on the platform to bolster creative edits of their visual content.
It also plans to upgrade Shorts by adding captions, 60 second recordings, clips from the phone gallery and various filters.