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@YouTube Membership is a threat to Patreon.
In 30 minutes, BLACKPINK will host a virtual concert through YouTube Membership, which is a feature where subscribers can support a creator through monthly payments. The Show by BLACKPINK probably earned at least $3M with 100K members.
In 30 minutes, BLACKPINK will host a virtual concert through YouTube Membership, which is a feature where subscribers can support a creator through monthly payments. The Show by BLACKPINK probably earned at least $3M with 100K members.
YouTube Memberships have the advantage of being integrated on YouTube making the experience more frictionless than going onto another website and having to enter your credit card information to support a creator.
If promoted and executed well, YouTube Membership can create a culture of supporting creators, like Twitch, allowing creators to monetize with less friction.
I personally think YouTube has a long way to go, but Patreon is already feeling the threat, hence the email I got:
I personally think YouTube has a long way to go, but Patreon is already feeling the threat, hence the email I got:
I am not optimistic that it will come any time soon, but I hope that YouTube Membership will become an important revenue source for YouTube Creators.
It will work if we creators, as a collective, can offer great value to our paid members and build legitimacy to the new feature.
It will work if we creators, as a collective, can offer great value to our paid members and build legitimacy to the new feature.
If we can get YouTube Membership's adoption to even half of Twitch Subscriptions, we will be seeing a lot more YouTubers in the coming years :). That is something I hope to see and I get excited thinking about it.
There is a lot of work to be done for YouTube Memberships.
Here is what the YouTube Membership join page looks like. It needs a lot of work.
Here is what the YouTube Membership join page looks like. It needs a lot of work.
Another disadvantage is YouTube Memberships takes a 30% cut, which is quite substantial compared to existing options.
I believe they figured out that the best performing memberships are channels that put exclusive videos behind the paywall. For example, @kconusa published a whole concert behind the membership and it's the first thing you see on their channel page.
Other successful examples are Stock Traders giving "exclusive tips" if they join their membership.
So in the end, it's all about how good you are at selling your membership and how much value you can offer. The only difference between putting your viewers into an email marking funnel and this is that you get to the end of the funnel without leaving YouTube.
Is that "take 30% of my money" worth of value? I don't know, we'll see.
In the meanwhile, I'm going to enjoy BLACKPINK's concert, but I like to get hit with the ddu-du ddu-du @ygofficialblink
