YouTube’s impact on the Indian economy has been revealed in a new report released by independent consulting firm Oxford Economics. The report shows that YouTube’s creator ecosystem contributed a staggering Rs 6,800 crore to the Indian GDP in 2020, and supported 6,83,900 full-time equivalent jobs in the same year.
According to Ajay Vidyasagar, Regional Director of APAC, YouTube Partnerships, the creator economy in India has the potential to emerge as a soft-power impacting economic growth, job creation, and cultural influence. As more creators and artists build the next generation of media companies that connect with a global audience, their impact on the economy’s overall success will only continue to accelerate.
The report also highlights the growth of Indian YouTube creators, with over 40,000 channels reportedly having over 1,00,000 subscribers, marking a growth of over 45% year on year. YouTube offers eight different ways for creators to monetize their content, and the number of channels generating six-figure revenues is up by over 60% year on year.
Over 80% of creative entrepreneurs in India said that YouTube has had a positive impact on their professional goals. Additionally, around 92% of small and medium-sized businesses with a YouTube channel agreed that the platform helps them reach new audiences across the world.
“This report is the first of its kind to unpack and quantify the economic, societal, and cultural impacts of the YouTube ecosystem in India,” said Adrian Cooper, CEO of Oxford Economics. With YouTube’s impact on the Indian economy only set to grow, it’s clear that the platform is playing an increasingly important role in the country’s economic success.