YouTube’s creative entrepreneurs contributed ₹6,800 CR to the Indian economy in 2020

Bangalore : YouTube, today, 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 Cr1 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, 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. To take a look at the report and find out more about the fascinating people and stories behind these impactful numbers, please visit https://yt.be/dUyTF.

 

*The term creative entrepreneur here stands for YouTube creators, regardless of their gender identity, with at least 10,000 subscribers on their largest channel and for creators with fewer subscribers who receive funds directly from YouTube, generate funds from other sources with their YouTube videos and / or permanently employ other people to support their YouTube activities.

1 As per the Oxford Economics report, which was fielded in 2021, the YouTube creative ecosystem contributed INR 6,800 Cr to the Indian economy and supported 6,83,900 jobs in 2020.

 

About YouTube: Launched in May 2005, YouTube’s mission is to give everyone a voice and show them the world. We believe that everyone deserves to have a voice, and that the world is a better place when we listen, share and build community through our stories. YouTube is a Google company.

 

About Oxford Economics: Oxford Economics was founded in 1981 as a joint venture of Oxford University’s Business College to provide economic forecasting and models for UK companies and financial institutions planning to expand abroad. Since its inception, the organisation has grown into one of the leading global and independent consulting firms in the world, providing reports, forecasting and analysis tools in over 200 countries, 250 industries and 7,000 cities and regions. With headquarters in Oxford, England and regional centers in Frankfurt, London, New York and Singapore, Oxford Economics employs 400 full-time employees, including 250 economists, industry experts and business writers. The highly qualified team offers a wide range of research techniques and has groundbreaking expertise, including in areas such as econometric modeling, scenario framing and impact analyses, but also market surveys, case studies, expert panels and web analyses.

 

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