Youtube had partnered with Oxford Economics to release a report assessing YouTube’s economic, societal, and cultural impact in India
YouTube, on Thursday launched a report in collaboration with independent consulting firm Oxford Economics, highlighting the video platform’s growing creator ecosystem. As per the Oxford Economics report, which was fielded in 2021, the YouTube creative ecosystem contributed Rs 6,800 crore to the Indian economy and supported 6,83,900 full-time equivalent jobs in India in 2020.
The creator economy in the country has the potential to emerge as a soft-power impacting economic growth, job creation, and even cultural influence, Ajay Vidyasagar, regional director, APAC, YouTube Partnerships stated. “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,” he added.
According to YouTube, 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. 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. Interestingly, 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% year-on-year.
“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,” Adrian Cooper, CEO, Oxford Economics, stated.
Furthermore, YouTube claims to have become a significant tool for small and medium-sized businesses (SMBs). 92% of SMBs with a YouTube channel agreed that YouTube helps them reach new audiences across the world through their own channel, targeted adverts, or simply from watching YouTube content.
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