YouTube one of the biggest video sharing companies in the world announced that it has shelled out a total of $2 billion to more than 8,000 rights holders through its ContentID program.
The contentID program was launched in 2007 and it was designed to help rights holders, including music labels, networks, studios and independent creators, identify content comprised partially or entirely of their intellectual property (since it is well known that Hollywood and the music industry weren't always a big fun of Υοutube) . It also helped them manage or monetize it by claiming any ad revenue the content generated. Harris Cohen, YοuTube's senior product manager of Content ID stated : "In many ways, Content ID is an engine that helps make YοuTube the platform for creativity that it is today. It allows creators of all kinds ... to use YouTube as platform where they can cultivate passionate fan bases and earn money from the amazing content they make." Even though the program has helped some companies monetize, many feel the video platform has a broken copyright system because it legally protects itself while putting users at risk! Many creators such as : Matt Hosseinzadeh and the Fine Brothers Entertainment have constantly complained to YοuTube regarding this. YouTube sure hopes that their announcement will help to alleviate the drama, one initiative at a time. YouTube continues to ramp up efforts to help fight piracy on the platform and answer to backlash from the community members over its rights management system.