Mar 3, 2022
By: BI India BureauYouTube contributed ₹6,800 crore (nearly $900 million at current currency conversion rate) to India's gross domestic product (GDP) in 2020, a report by independent consulting firm Oxford Economics has revealed.
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The YouTube creative ecosystem also created over 6.84 lakh “full-time equivalent jobs” in 2020, the report has revealed. The report by Oxford Economics looks into YouTube’s economic, societal and cultural impact in India.
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There has been a 60 percent year-on-year (YoY) increase in the number of YouTube channels making six figures or more in revenue, the report noted.
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Seven in ten YouTube creators have agreed that the ads placed on their content is an important source of income for them.
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YouTube also claims that having a presence on the platform can help creators get a global fan base, push boundaries and explore multiple revenue streams through brand partnerships, live performance and more.
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Nine in ten small and medium businesses (SMB) with a YouTube channel agreed that YouTube helps them reach new audiences across the world, the report by Oxford Economics has noted.
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Eight in ten creative entrepreneurs from India said that the platform has had a positive impact on their professional goals, the report noted.
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With the number of channels in India with over 100,000 subscribers now at 40,000, marking a growth of over 45 percent, year-on-year, YouTube has revealed.
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“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,” Ajay Vidyasagar, regional director of Asia-Pacific (APAC), YouTube Partnerships, has said.
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