YouTube Creators Become A Significant Contributor To Indian Economy

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YouTube Creators Become A Significant Contributor To Indian Economy

The creative ecosystem, in addition to providing its creators with a creative outlet, also helps them in earning a good buck. The creative ecosystem has become so big that it has started contributing significantly to the Indian ecosystem and this is especially true for the creator ecosystem of YouTube. According to the latest report, YouTube creators generate a considerable amount of economic value. In 2020, YouTube has contributed an amount of INR 6,800 to the Indian economy. The report was published by Oxford Economics.

While considering the economic contribution of YouTube, the advertising revenue and also, non-advertising revenue like alternative monetization and subscriptions along with off-platform revenues that include sponsorships and fan-meetups were considered.

What Is The Economic Impact of YouTube?

The impact of YouTube on the Indian economy can be categorized into direct impact and induced impact. The direct impact of YouTube includes the profits similar to the winning sum of Lottery Sambad and wages that I earned from the creators and their team. On the other hand, the induced impact includes the wage costs of the employees in the creator ecosystem.

In addition to earning direct income from YouTube, the platform also provides a platform to its users to create a global fanbase and such popularity comes in extremely handy in order to earn additional income with methods like brand partnerships and live performance. Not only the income of the creators is generated, but also all those who work in the employee chain also greatly benefit from it. The economic impact of YouTube clearly indicates that there is a huge potential in the creator economy to emerge as a soft-power economy that can lead to economic growth and create more job opportunities. In addition to that, it also has a cultural influence too.

The YouTube Numbers

In 2020, YouTube contributed INR 6,800 crore to the Indian GDP. In addition to that, it supported 683,900 full-time equivalent jobs in India. In 2020, the number of YouTube channels that have more than a million subscribers was 40,000, which is far more than the number of winners that can appear in a Teer Result. The growth rate of the same is 45%.

YouTube is a great platform for engaging in one’s passion and ideas and at the same time, making income out of it. Also, it is possible for anyone to join YouTube and become a content creator. Therefore, with YouTube, it is possible for anyone to become a creator. In the Indian economy, the real impact and influence of YouTube are visible. Not only does YouTube make it possible to connect to a national fan base but also, allows one to have a global fanbase. While commenting on the same Adrian Cooper, CEO of Oxford Economic stated that through the Oxford report, it has become possible to unpack the economic, societal and cultural impact of the YouTube ecosystem that is present in India. The impact of YouTube is currently positive for the Indian creators and gives them a platform to engage in their professional goals while growing their business.

Is A New Economy In Creation?

With the impact of the YouTube ecosystem in India, it can be said that the creative entrepreneurs in India are opening new doors for the Indian economy. According to a report, 80% of the creative entrepreneurs have accepted that the YouTube platform had a positive impact in their goals. Currently, YouTube is providing eight different ways to earn income through the platform. Such ways of earning income through YouTube includes ad sales, channel membership, Super Chat and royalty payments that are made to media and music companies. YouTube has recently worked in creating extra layers of revenue for its users by creating avenues like paid memberships and fan funding. According to the latest report, more than 60% of the YouTube channels are making more than six figures in a year.

Currently, YouTue is proving to be an important tool for many small and medium-sized businesses. With YouTube, many content creators and companies have managed to grow their sales and further connect with the customer base. 92% of the small and medium-sized businesses have accepted that YouTube has been helpful for them to reach new audiences across the globe for their company.

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