In addition to the groundbreaking news that YouTube would begin to monetize Shorts videos and revamp its Partner Program, the company today also announced a new offering for creators who leverage music to back their videos: Creator Music, now in beta testing. This new destination will introduce a large catalog of songs that creators can browse through, search and purchase, with the terms of the music rights spelled out in simple terms so they understand the costs. They'll also be able to opt for tracks with new revenue-sharing option where both creators and music rights holders earn money from their content.

The changes were introduced at today's Made on YouTube live event, where the company presented its plans to retain the video creator community in the face of the growing threat of TikTok. Here, it announced a number of changes with a primary focus on helping creators make more money.

With Creator Music, however, YouTube is also simplifying a sometimes complicated process of finding backing tunes for creators' video content.

"Creators have told us, time and time again, that finding the right song isn't the hard part. It's actually figuring out how to license it," noted Amjad Hanif, VP of Creator Products at YouTube.

As explained at the event, when a creator typically uses a song they don't own, they have to give up all the ad revenues to the music license holder. That means commercial music will often not be used in YouTube videos -- something the company's new offering aims to change.

Instead of passing the revenue to the rights holder, the tracks on Creator Music can either be purchased directly or will involve a rev-share deal. With the former, the creator is buying a license where the terms and rates are spelled out. In the case of the latter, creators will split a portion of their revenue with the artists and songwriters, but will not face any upfront costs to acquire access to the songs.