YouTube unveiled a new report by the independent consulting firm Oxford Economics that shows the video-sharing platform’s growing creator ecosystem generated considerable economic value, contributing Rs 6,800 crore to the Indian GDP and supporting 6,83,9001 full-time equivalent jobs in India in 2020.
In addition to the revenue generated on YouTube, the platform says that a creator’s presence on it can help them get a global fanbase, push boundaries and explore multiple revenue streams via brand partnerships, live performance, and more. These revenue sources not only support jobs and income for creative entrepreneurs themselves, but also wider activity in supply chains.
Home of creative entrepreneurs
The report says that the number of YouTube channels in India with over 100,000 subscribers is now at 40,000, marking a growth of over 45 percent year on year. For more than 14 years, The platform says that for the past 14 years, it has empowered creative entrepreneurs to pursue their professional goals, enabling them to share their passions and ideas with a wide audience.
Speaking about YouTube’s economic contributions, Ajay Vidyasagar, Regional Director, APAC, YouTube Partnerships said,
“It is heartening to see the real impact and influence YouTube’s creative economy has unlocked in India. The creator economy in the country has the potential to emerge as a soft-power impacting economic growth, job creation, and even cultural influence. As our creators and artists build the next generation of media companies that are connecting with a global audience, their impact on the economy’s overall success will only continue to accelerate. We remain laser-focussed on our goal of delivering an open, inclusive and responsible platform for hundreds of millions of Indians who turn to YouTube to develop new skills, discover their passions, hone their talents, and grow their businesses.”
Adrian Cooper, CEO of Oxford Economics, said, “This report is the first of its kind to unpack and quantify the economic, societal and cultural impacts of the YouTube ecosystem in India. Our research shows that YouTube fosters significant positive impacts for Indian creators in terms of helping them achieve their professional goals and grow their businesses.”
The rise of a new economy
In India, over 80 percent of creative entrepreneurs said that the platform has had a positive impact on their professional goals. With eight different ways to monetise content on the platform, the number of YouTube channels making six figures or more in revenue is up more than 60 percent year on year.
The report also states that YouTube has become a significant tool for small and medium sized businesses (SMBs). Through their own channel, targeted adverts or simply from watching YouTube content, 92 percent of SMBs with a YouTube channel agreed that the platform helps them reach new audiences across the world.
YouTube has also played a vital part in disseminating resourceful infromation during the COVID-19 pandemic. According to the report, 69 percent of users said YouTube has been a reliable source of information since the start of the pandemic.
