YouTube unveiled a new report by independent consulting firm, Oxford Economics, that shows YouTube's growing creator ecosystem generated considerable economic value, contributing INR 6,800 Cr to the Indian GDP and supporting 6,83,900 full-time equivalent jobs in India in 2020.
In addition to the revenue generated on YouTube, a creator's presence on the platform 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
For more than 14 years, YouTube has empowered creative entrepreneurs to pursue their professional goals, enabling them to share their passions and ideas with a wide audience, and make an income whilst doing so. With the number of channels in India with over 100,000 subscribers now at 40,000, marking a growth of over 45%, year on year*, more Indian creators are finding opportunities and audiences on YouTube, often leading to new doorways away from the platform.
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 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
YouTube has been a catalyst for the creator economy worldover. In India, over 80% of creative entrepreneurs said that the platform has had a positive impact on their professional goals. With 8 different ways to monetize content on the platform, the number of YouTube channels making six figures or more in revenue is up more than 60% year on year.
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, businesses have successfully grown sales and connected with customers. In fact, 92% of SMBs with a YouTube channel agreed that YouTube helps them reach new audiences across the world.
More than ever before, YouTube became a valuable resource during the COVID-19 pandemic, providing a valuable lifeline to Indian citizens and businesses during times of isolation and social disruption. 69% of users said YouTube has been a reliable source of information since the start of the pandemic. Further, in both private and professional life, YouTube enables Indians to acquire a wide range of skills and knowledge – to save money, gain qualifications or even make a career jump.
Creative entrepreneurs who are creating for India can help unlock tremendous value and growth for the nation's economy along the path of economic recovery, emerging from the pandemic.