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Does a content creator get paid if someone with youtube premium watches their video?

Yes. "Creators can earn money from advertisements served on their videos, from YouTube Premium subscribers watching their content, and in some cases, through viewer-purchased goods like Super Chat, Merch, and channel memberships."

https://support.google.com/youtube/answer/72857

peanuts compared to revenue from product placements

YouTube premium viewers can watch more videos per hour due to lack of commercials. This boosts the value of product placements, on top of that product placements rarely include residuals for unusually popular vidoes making this a large net win over normal YouTube adds.

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