Even as India’s economy battled the covid-induced slump, YouTube’s constantly expanding creator ecosystem contributed 6,800 crore rupees ($894 million) to the country’s GDP.
The YouTube creators community also supported at least 683,900 full-time equivalent jobs in 2020, according to an Oxford Economics report released by YouTube yesterday (March 3). The number of YouTube India channels with over 100,000 subscribers is pegged at 40,000, representing yearly growth of over 45%, the report said.
The addition to India’s GDP has come at a time when the pandemic has pushed the country’s economy off the cliff.
“Today, the number of channels earning at least Rs100,000 in revenue has increased by 60% year on year [as of June 2021],” said Ajay Vidyasagar, regional director for APAC at YouTube Partnerships. “Since it was first launched in India in 2007, the YouTube Partner Program has been helping creative entrepreneurs convert their passions into professions, earn a living, and support the livelihoods of the people they in turn employ.”
Terming the YouTube community an “emerging soft power,” Vidyasagar added: “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.”
The Oxford Economics report has come at a time when several leading brands across various verticles are leveraging content creators’ reach to target their customer base. Over the past years, YouTube has become an important tool for small and medium-sized businesses.