YouTubers added ₹6.8K cr to GDP in 2020: Report
PremiumAn expert said growth in regional languages and categories such as learning are driving the creator economy
NEW DELHI : YouTube on Thursday said its growing creator ecosystem has contributed ₹ 6,800 crore to the Indian economy and supported 683,900 “full-time equivalent" jobs in India in 2020, as per a report by consulting firm Oxford Economics.
Multiple revenue streams, such as brand partnerships, live performance and others support not only jobs and income for creative entrepreneurs themselves, but also wider activity in supply chains, the report said. India now has nearly 4,000 such channels with more than 100,000 subscribers, marking a growth of over 45%, year-on-year.
In India, 72% of creative entrepreneurs said the revenue they receive from ads placed on their YouTube content is a key source of income for them, 80% believe YouTube has had a positive impact on their professional goals and 63% agreed that being on YouTube has brought them opportunities away from the platform.
“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 artistes 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," Ajay Vidyasagar, regional director, Apac, YouTube Partnerships said in a statement.
At a media roundtable, Vidyasagar said while numbers for 2021 were still being consolidated, the year has seen significant growth with creators discovering new ways of revenue monetization.
Growth in regional languages and categories such as learning, cooking, technology and gaming are driving the creator economy, Vidyasagar said.
According to the report, 94% of students aged 18 plus who use YouTube reported using it to support their assignments or personal study while 81% of teachers who use YouTube agreed that YouTube gives students the flexibility to learn at their own pace.
As many as 98% of users said they use YouTube to gather information and knowledge while 59% of users who have actively looked for a new job in the last 12 months use YouTube to help them develop new skills for the job market.
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Over 80% of creative entrepreneurs said the platform has had a positive impact on their professional goals, with different ways to monetize content. The number of YouTube channels making six figures or more in revenue is up more than 60% from a year ago, the report said.
It said two in three users often come to YouTube for developing a practical skill. About 69% of users said the platform has helped them discover videos from other states or cultures in India while 79% agreed it has had a positive impact on their mental health or physical well-being since the start of the covid-19 pandemic.
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