YouTube unveiled a new report today by Oxford Economics, an independent consulting firm, that showed that YouTube’s creator ecosystem contributed Rs 6,800 crore to the Indian GDP in 2020. YouTube also supported 6,83,900 full-time equivalent jobs in India in the same year, as per the report.
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“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,” Ajay Vidyasagar, Regional Director, APAC, YouTube Partnerships said.
With the number of channels in India with over 1,00,000 subscribers now reportedly standing at 40,000, marking a growth of over 45%, year on year, more Indian YouTube creators are finding opportunities and audiences on the platform.
“This report is the first of its kind to unpack and quantify the economic, societal and cultural impacts of the YouTube ecosystem in India,” Adrian Cooper, CEO Oxford Economics, said.
In India, over 80% of creative entrepreneurs said that the platform has had a positive impact on their professional goals. YouTube offers eight different ways for creators to monetise their content. The number of YouTube channels generating a revenue of six figures or more, is up by over 60% year on year. Around 92% of SMBs with a YouTube channel also agreed that YouTube helps them reach new audiences across the world, as per the report.
