A new contract for the YouTube Partner Program has been announced starting this week, announced in a video on the YouTube Creators channel. All Creators who earn money from the Partner Program are required to accept the new agreement, and must be signed by July 10, 2023 to continue monetizing in the future.
All creators will be required to sign Basic Terms which include things like content policies, but there are three other sections beyond that. The first is the "watch page monetization module" which relates to long-form or live content across all YouTube products. Enrolling in this module gives the creator the ability to earn money from videos watched on YouTube.
The main new addition is the YouTube Shorts monetization module, which allows you to earn money for short content on YouTube. Revenue here is through ads or YouTube Premium, available to Eligible Short Films starting February 1, 2023. After this date, creators will start making money from short films whenever they sign the agreement.
YouTube provides more detail here, including explaining more about how licensed music affects revenue.
It is noteworthy that channels that do not accept the updated Partner Program terms by July 10, 2023 will be removed from the program, with all monetization and rehabilitation processes required to join the program again.