YouTube, a Google-owned platform, is gearing up to launch its official shopping channel in South Korea, becoming the first country to have such a feature. The channel, scheduled to debut on June 30, will provide a live commerce platform for companies and is expected to live-stream shopping content from around 30 brands initially.
While specific details were not provided, a YouTube official stated that they are dedicated to optimizing and providing the best user experience by experimenting with various YouTube Shopping features, as reported by IANS.
Last year, YouTube introduced a shopping tab in its Explore section, allowing eligible creators to tag products during live streams or list them beneath their videos, enabling viewers to make purchases directly on the platform.
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During Alphabet's fourth-quarter 2022 earnings call, Philipp Schindler, Chief Business Officer of the parent company, highlighted the focus on enhancing YouTube's "shoppability" to foster more creators and increase content, viewership, and opportunities for advertisers. The aim is to make it easier for people to shop from their favorite creators, brands, and content.
While YouTube experienced a 2.6% decline in ad revenue during the March quarter, marking the third consecutive quarter of decrease, the platform is observing growth in its Shorts feature. Shorts' watch time and monetization are progressing positively, with increasing rates of engagement and conversion on ads, as stated by Schindler.
By integrating live commerce and shopping features, YouTube is aiming to enrich the user experience and provide new opportunities for brands and creators to engage with their audience in interactive and profitable ways.
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Recently, the company has also announced significant changes to its YouTube Partner Program (YPP). The eligibility requirements for joining the YPP have been lowered, enabling creators to monetize their content at an earlier stage.
With the new policy, creators can now join the program once they have reached 500 subscribers and 3,000 valid watch hours. The lowered eligibility criteria will initially roll out in several countries, including the United States, the United Kingdom, Canada, Taiwan, and South Korea.
Inputs from IANS
