5 Reasons Why YouTube May Be Social Media’s Greatest Success Story
By Dakota Shane
Since social media platforms officially began back in 1997 (Six Degrees is credited as the first large-scale social network), there have been countless attempts and a handful of monumental successes within the landscape.
Despite the great examples of social media platforms history has given us, one channel has really stood out in particular. The definition of social media success may be different for everyone, so I’ll define how I am measuring it here:
A successful social media platform is a thriving ecosystem where brands, content creators, and users all benefit from leveraging the platform.
By this definition, the most effective social media platform channel yet is YouTube.
I’m not writing this article to speak ill of other platforms. In fact, this post should be viewed as a case study as opposed to a critique. All social media channels can learn from what YouTube has created. Medium, Facebook, Instagram, Periscope, Snapchat, and more.
If you are a founder of a social media startup, use this piece as potential insight to tactics and techniques you can integrate into your strategy and product.
Here are some of the biggest reasons why YouTube is king…
1. Compen$ation for Creators
If you want fresh content consistently being pumped through a platform, success or failure will always come down to compensation for creators (either monetary or another form).
At this moment in time, platforms like Instagram and Facebook don’t directly pay influencers at all. Instead, influencers must look to third parties in order to get compensated for their work.
Without some sort of incentive for creators to keep posting on a platform, the content will eventually be either low-quality or plain non-existent.
Without great content, users will leave. When users leave, brands will also leave, and you’re left with nothing.
Creator Compensation Flow Charts:
Compensation→ Quality Content→ Even higher quality content→ Users engaged→ Brands get involved→ Even higher compensation→ Platform thrives.
No compensation→ Low quality content→ Users leave→ Brands leave→ Creators leave→ Platform dies.
Compensation make creators happy and increases their loyalty to a platform. Additionally, it buys back time for creators to construct the best content they possibly can. Lastly, it facilitates a healthy amount of competition by providing newer, smaller-scale creators something to strive for.
Again, the compensation does not necessarily have to be monetary. It can be networking, linking top creators up with industry professionals, and more. A hypothetical example of this would be if Medium connected book publishers with top writers on the site.
Of course, compensation for creators can’t appear out of thin air. The money has to come from somewhere. In some cases, companies need to get their finances/revenue in order internally before they begin to shell out cash to creators. This is completely understandable for young platforms.
But just …read more
Source:: Social Media Explorer