YouTube's creator ecosystem contributed Rs 6,800 cr to Indian GDP

YouTube’s growing creator ecosystem contributed Rs 6,800 crore to the Indian GDP and supported 683,900 full-time equivalent jobs in India in 2020, said an independent report by Oxford Economics, which was released by YouTube. The number of channels on YouTube in India with over 100,000 subscribers at 40,000, represents a growth of over 45 per cent y-0-y.

YouTube, today, unveiled a new report by independent consulting firm, Oxford Economics, that further added that in addition to the revenue generated on YouTube, a creator’s presence on the platform can help them get a global fanbase, push boundaries and explore multiple revenue streams via brand partnerships, live performance and more.

For more than 14 years, 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 whilst doing so.

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.”

The report is of significance as several players have entered the social commerce segment that leverages the fanbase of several creators on social media.

Adrian Cooper, CEO Oxford Economics, said, "This report is the first of its kind to unpack and quantify the economic, societal and cultural impacts of the YouTube ecosystem in India. Our research shows that YouTube fosters significant positive impacts for Indian creators in terms of helping them achieve their professional goals and grow their businesses."

The rise of a new economy

In India, over 80% of creative entrepreneurs said that YouTube has had a positive impact on their professional goals. With 8 different ways to monetize content on the platform, the number of YouTube channels making six figures or more in revenue is up more than 60% year on year.

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. In fact, 92% of SMBs with a YouTube channel agreed that YouTube helps them reach new audiences across the world.