Google’s video streaming platform YouTube launched in India back in 2008, almost 14 years ago. Over the years, YouTube became the primary platform for thousands of creators and channels in the country, making a significant impact on India’s growth. Now, a recent report suggests that YouTube has added Rs 6,800 crores to the Indian GDP and generated more than 6 lakhs full-time jobs.
YouTube’s Impact on Indian GDP and Employment: Report
According to a research report by the independent consulting firm Oxford Economics, YouTube’s ever-growing creator ecosystem contributed Rs 6,800 crores to the Indian economy in 2020. Not only that, the platform became a primary source of income for millions of creators, generating 6,83,900 full-time jobs in the country.
YouTube says that 72% of the creative entrepreneurs operating on the platform agree with the fact that the revenue from the ads on their YouTube channels has been an important source of income for them. Furthermore, as YouTube is a multinational company, available in more than 91 countries across the world, it helps creators garner global audiences from multiple countries and expand their fan base.
YouTube also states that the number of channels with over 100,000 subscribers stands at 400,000 in India, with more than 45% year-on-year growth rate. It shows that more and more Indian creators are finding audiences on YouTube and using the platform as their primary source of income.
“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 the CEO of Oxford Economics, Adrian Cooper. “Our research shows that YouTube fosters significant positive impacts for Indian creators in terms of helping them achieve their professional goals and grow their businesses,” Cooper further added.
Furthermore, as YouTube provides so many revenue channels on its platform, the company says that it has become a primary tool for small and medium businesses (SMBs) in India. Plus, the streaming service was one of the most valuable resources for individuals during the peak of the COVID-19 pandemic, says the company. It provided a revenue-generation platform and an information hub for many individuals who lost their jobs or had to leave them due to circumstances.
So, all in all, YouTube has been one of the significant boosters for India’s economic as well as employment growth. The company aims to continue its efforts in the country to help Indian creators grow and establish their names on the global stage, while also adding significant economic value to the country’s GDP.