According to a new report, YouTube also supported 6,83,900 full-time equivalent jobs in India in 2020.
Your favourite YouTube baker, plant collector, and science expert, does not only entertain you but also contributes significantly to a creator economy. This creator economy on YouTube contributed Rs 6,800 crore to India’s GDP and raised 6,83,900 full-time jobs in 2020, according to a report by consulting firm Oxford Economics in collaboration with YouTube.
YouTube today released a new analysis by Oxford Economics, an independent consulting organisation, estimating that the creative ecosystem on YouTube would contribute Rs 6,800 crore to the Indian GDP in 2020. According to the data, YouTube also supported 6,83,900 full-time equivalent employment in India in the same year.
“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 more than 100,000 subscribers currently allegedly standing at 40,000, representing a year-on-year increase of more than 45 percent, more Indian YouTube producers are finding possibilities and audiences on the site.
“This is the first report of its kind to unpack and quantify the economic, societal, and cultural impacts of the YouTube ecosystem in India,” said Adrian Cooper, CEO of Oxford Economics.
Over 80% of creative entrepreneurs in India felt the platform had a positive influence on their professional goals. YouTube provides eight alternative options for content providers to monetize their work. The number of YouTube channels producing six figures or more is growing by more than 60% year on year. According to the survey, around 92 percent of SMBs having a YouTube channel agreed that YouTube helps them reach new audiences all over the world.