New Delhi: Video streaming giant YouTube on Thursday unveiled a report by independent consulting firm Oxford Economics that showed that YouTube’s creator ecosystem contributed Rs 6,800 crore to the Indian GDP and supported more than 6,80,0000 full-time equivalent jobs in the country in 2020.
YouTube's creator ecosystem supported 6,83,9001 full-time jobs in India in 2020.
“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," Ajay Vidyasagar, Regional Director, APAC, YouTube Partnerships, said in a statement.
YouTube has empowered creative entrepreneurs to pursue their professional goals, enabling them to share their passions and ideas with a wide audience, and make an income while doing so for over 14 years. With the number of channels in India with more than 100,000 subscribers now at 40,000, marking a growth of over 45 per cent, year on year, more Indian creators are finding opportunities and audiences on the platform.
"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," Vidyasagar added.
YouTube has been a catalyst for the creator economy globally and in India, over 80 per cent of creative entrepreneurs said that the platform has had a positive impact on their professional goals. With 8 different ways to monetise content on the platform, the number of YouTube channels making six figures or more in revenue is up more than 60 per cent year on year, according to the Oxford Economics report.
The video streaming platform has also become a significant tool for small and medium sized businesses (SMBs). Through their own channel, targeted adverts or from watching YouTube content, businesses have successfully grown sales and connected with customers. In fact, 92 per cent of SMBs with a YouTube channel agreed that YouTube helps them reach new audiences across the world.