YouTube to invest five million dollars to fund video-makers

YouTube announced Friday that it will invest five million dollars in promising video-makers.

"Our goal is to catalyze the creation of new ideas and production models from some of our most innovative and original content partners," said George Strompolos, partner development manager at Google-owned YouTube.

"We've been amazed by the creativity and resourcefulness of many of our partners," Strompolos said. "Some, operating on shoestring budgets, have been able to produce incredible videos, generate substantial revenues and command an audience that rivals that of network television.

"Despite their success, many partners lack the resources and deep financial backing available to studio-backed production houses," he said.

"The goal of YouTube Partner Grants is to act as a catalyst by infusing additional funds into the production budgets of a small group of YouTube partners who are at the forefront of innovation," he said.

Strompolos said the funds will allow video-makers to "invest in better cameras, achieve higher production quality, expand their marketing efforts, expand their staff, or just hire more talent."

He said YouTube would contact eligible video-makers and invite them to submit a grant proposal.