YouTube, the largest video streaming website, has generated $2 billion for copyright owners by monetizing user-uploaded content through Content ID, the company announced on its blog. This announcement comes in response to the music industry which has been complaining that the website does not pay them enough. Content ID is a system developed by YouTube which helps it identify and manage content which is scanned against a database of files that have been submitted to us by content owners. Copyright owners decide what happens when a video on YouTube matches a work they own. "Today well over 90% of all Content ID claims across the platform result in monetization. The music industry chooses to monetize more than 95% of their claims, opting to leave the content up on the platform," Katie Oyama, senior policy counsel for Google said. She added that half of the music industry's YouTube revenue comes from fan content claimed via Content ID. However, record companies and music publishers say that Content ID fails to recognize 20-40% of their recordings on YouTube, as indicated by this Music Business Worldwide report. Universal Music Publishing Group (UMPG) estimates that Content ID fails to identify upwards of 40% of the use of UMPG’s compositions on YouTube and that it has to spend millions on hiring people to look for videos to send takedown notices, The Verge reported. YouTube foundry: In April, it was reported that YouTube is developing musical talent through an initiative called “Foundry". YouTube is in talks with peers in the music industry to…
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