YouTube plays an important role in the economic development of India and according to the new report unveiled by Oxford Economics, YouTube has contributed around 6,800 crores to Indian GDP in the year 2020. As per the report, it also supports around 6,83,900 jobs, which are equivalent to the full-time ones. Although with the evolvement of YouTube as one of the largest search engines after Google has increased its usage among people. Apart from this, its easy-to-use feature has made has increased its usage among people.
YouTube has evolved progressively and become one of the most reliable sources of income for many people out there. In India, the average number of subscribers of the YouTube channel is around 100,000 and it also represents the growth of over 45% per year. In the last 14 years, YouTube has empowered many entrepreneurs and helped them achieve their goals thus creating their successful professional presence.
Also, the revenue collected from YouTube after the hard work can be used to create more content such as advertisements, brand endorsements, live performances, etc., and get a global fan base.
Ajay Vidyasagar, Regional Director, APAC, YouTube Partnerships said,
“It is heartening to see the real impact and influence YouTube’s creative economy has unlocked in India. The creator economy in the country has the potential to emerge as a soft-power impacting economic growth, job creation, and even cultural influence. 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.”
He also added,
“We remained laser-focused on our goals of delivering an open, inclusive and responsible platform for hundreds of millions of Indians who turn to YouTube to develop new skills, develop their passions, hone their talents, and grow their business.” In his statement, he also focused upon the sale of smartphones with the increasing number of subscribers and said with the rise of social media companies the sale of smartphones will also increase and their availability at affordable rates will impact the growth of subscribers.
Furthermore, online content creators have also confirmed that YouTube has created a positive influence on their lives and professional goals. Eight different ways of monetizing content have made it one of the most loved platforms. Also, as per the report, most of the channels are generating six-figure revenue which is up by 60% every year. In line with this Adrian Cooper, CEO of Oxford Economics, said, “
This report is the first of its kind to unpack and quantify the economic, societal, and cultural impacts of the YouTube ecosystem in India.”
The report also included, “More than ever before, YouTube became a valuable resource during the COVID-19 pandemic, providing a valuable lifeline to Indian citizens and businesses during times of isolation and social disruption. 69% of users said YouTube has become a reliable source of information since the start of the pandemic. Further, in both private and professional life, YouTube enables Indians to acquire a wide range of skills and knowledge – to save money, gain qualifications or even make a career jump.”