YouTube’s increasing creator ecosystem has contributed Rs 6,800 million to India’s GDP and is expected to provide 6,83,900 full-time equivalent employment by 2020 . An impartial report conducted by Oxford Economics and provided by YouTube backed up this claim.
Taking an Overview:
- On YouTube, there were 40,000 Indian channels with over 100,000 subscribers, representing a 45 percent increase year over year.
- According to a new report released by independent consulting firm Oxford Economics, in addition to the revenue generated on YouTube, a creator’s presence on the platform can help them increase a global fanbase, push boundaries, and explore multiple income streams via brand partnerships, live performance, and more.
- This is a first-of-its-kind analysis that examines this facet of social media as well as its economic impact on the country.
- Due to the platform’s eight distinct ways to monetize video, the number of YouTube channels making six figures or more has surged by more than 60% year over year.
India’s Creator Economy’s Potential
The creative economy of the country has the potential to become a soft power that can affect job creation, economic growth, and even cultural impact.
As they establish the next generation of media enterprises that interact with a worldwide audience, India’s innovators and artists will continue to have an impact on the country’s economy.
The report’s importance
The report is crucial since a number of players have entered the social commerce market, which takes advantage of various authors’ social media fan bases.
