YouTube's growing creator ecosystem is generating considerable economic value for the indian market and contributed Rs 6,800 crore to the country's GDP, while supporting 6.83 lakh full-time equivalent jobs in 2020, the Google-owned platform said on Thursday.
With the number of channels in India with more than 100,000 subscribers now at 40,000, marking a growth of more than 45 per cent (on-year), more Indian creators are finding opportunities and audiences on YouTube, often leading to new doorways away from the platform, according to a new report by Oxford Economics that assessed YouTube's economic, societal and cultural impact in the country.
"The creator economy in the country has the potential to emerge as a soft-power impacting economic growth, job creation and even cultural influence," said Ajay Vidyasagar, Regional Director, APAC, YouTube Partnerships.
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 through brand partnerships, live performance etc.
In India, more than 80 per cent of creative entrepreneurs said the platform has had a positive impact on their professional goals.
With eight 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 (on-year).
"Our research shows that YouTube fosters significant positive impact for Indian creators in terms of helping them achieve their professional goals and grow their businesses, said Adrian Cooper, CEO, Oxford Economics.
Nearly 92 per cent of small and medium businesses with a YouTube channel agreed that the platform helps them reach new audiences across the world.
"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," said Vidyasagar.