YouTube creators contributed 10,000Cr to the Indian economy; Oxford Economics report
YouTube, Google's creative platform contributed 10,000Cr to the Indian GDP and supported more than 750,000 equivalent full-time jobs.
Planning to be a YouTuber and start creating content for the audience to consume? But being disapproved by parents to look for instead a regular 9-5 Job or plan to take up content creation as a side hustle. There is a piece of good news for the budding as well as established creators as according to the Oxford Economic report, YouTube contributed 10,000Cr to the Indian GDP and created 750,000 equivalent full-time jobs in 2021.
This data has seen a substantial increase from 2020 when YouTube contributed 6,800Cr to the Indian GDP and supported 6,83,900 equivalent jobs. Oxford Economics stated that for this year’s report, they surveyed 5,633 creators of all sizes, 523 businesses, and 4,021 YouTube users.
Ajay Vidyasagar, YouTube’s Director of South, Southeast Asia, and APAC Emerging Markets, said in a statement, “We are delighted that YouTube’s creative ecosystem continues to power India’s creator economy, supporting new jobs and opportunities across the length and breadth of the country. We have come a long way in this journey and remain committed to introducing new ways for creators to engage with their audiences, across languages, and grow their revenues.”
The report includes both direct and indirect impact of YouTube, meaning direct monitization of the content, super-chat, paid-collaborations, membership etc and as well as money spent by the creators for editing, producing, designing, writing etc.
The report also estimated off-platform revenues that creators earn from other sources, such as product sales, brand partnerships, or live performance engagements as a result of their YouTube presence.
“These off-platform revenues have a catalytic impact on the economy, stimulating further direct, indirect, and induced impact,” the report said.
As the competition among global tech giants and domestic Internet firms heats up to attract creators to their respective platforms in the country, YouTube plans to introduce new monetization methods for creators next year via short-content monetization and ” courses ” where creators can teach topics and earn money.