When it comes to YouTube and Vimeo, how exactly are their creators supposed to get paid? Do not fret my friends, because we are here to explain it all for you. Take a deep breathe, and try to stay with me.
Vimeo introduced in 2012 their new feature Tip Jar, which allows viewers to tip the creator of a video. The downside to this was that it was only open for paying members of the Vimeo community and exclusively used PayPal. They also had severe work to do in the beginning to Tip Jar’s functionality; the lack of social media integration and event-planning tools left Vimeo users less-than-impressed. But as of 2014, they’ve installed the Pay-to-Play function of Tip Jar, which has eased some of the tension.
As of now, YouTube creators have relied on advertisements as their sole source of monetization. But recent whisperings from big wigs at Google show signs of them jumping on the direct-to-creator tipping bandwagon. The feature that they would presumably install would be BitCoin, a direct competitor to Vimeo’s Tip Jar.
In a video posted to YouTube Creator Blog May 23, Product Manager Jehan Ratnatunga revealed that: “[A] lot of this funding happens off YouTube. So I’ve been thinking about how we can do this directly on YouTube, allowing fans to fund the creators that they really love.” [1:25]
Everything is still very hush-hush, but Forbes reports that executives have flat-out stated that BitCoin integration is inevitable.
Since life is an ever-encompassing competition, how does YouTube’s BitCoin size up to Vimeo’s Tip Jar? Business aficionados agree that BitCoin would give Youtube the global reach it desperately needs, and would also allow them to promote their Google Wallet program, a direct competitor of PayPal. But this BitCoin world domination would only be possible if the mega-giant that is Google-owned YouTube would give its shining stamp of approval.
Now wasn’t I right? Things are complicated. If you’re a content-creator, you should have a nice, long think-tank over how these streaming sites could benefit your bank account.