YouTube creator ecosystem contributed Rs 6,800 crore to the Indian GDP as per a new by independent consulting firm Oxford Economics. The Google-owned online video platform also supported 6,83,900 full-time equivalent jobs in India in 2020 as per the report.
For those unaware, the term creative entrepreneur stands for YouTube creators 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.
The report claims that 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,” says the report.
“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,” says the report.
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.”