Oxford Economics recently released its report on- “Youtube as a platform for Indian opportunities.”This report is eye-opening in terms of a creator’s impact on society and the economy. According to the report, in 2020, Youtube creators contributed INR 6,800 crore to the Indian GDP. The figure proves that the creators will offer value to the Indian economy in the years to come. As we bring you the findings of Oxford Economics, we intend to break the notion of content creation being a mere hobby rather than a full-time job. In addition to numbers, the report gives encouraging examples of content creators who have successfully monetized their work through the digital medium. We will list them down for you along the way.
Oxford Economics analyzes YouTube’s impact on India primarily in three areas: economic, sociological, and cultural. Youtube has grown into a booming platform for creators to generate sustainable revenue. It has helped the development of a thriving ecosystem for Indian employees and businesses. Apart from adding monetary worth to a creator’s skill, it has also enabled them to bring their respective cultures to the forefront. Let us discuss in detail the impact of YouTube on Indian Creators and users-
Scope for Indian Creators-
As mentioned earlier, Youtube has provided a space for creators to earn their living. A creator from any field of expertise can produce their content on Youtube and make a career out of it. Advertisements on the creator’s content are a primary source of their income. 72% of the creators agree with this. Over 4000 channels with a million followers are already reaping the benefits.
One of the many successful youtube channels is Artkala. It was created by a group of siblings- Sneha, Puja, and Pavan who efficiently utilised it to conquer their financial challenges. Artkala offers amazing videos on recycling waste materials into beautiful decorative items. The founders believe that they have financially grown much more stable. Their contents have also inspired many viewers to start a business.
Picture Courtesy- Patna Beats
Making Indian Businesses thrive-
Youtube has become a valuable medium for small and medium enterprises(SMBs) to promote their business. 90% of SMBs agree that Youtube provides an advantage in terms of expanding the customer base. According to 87% of SMBs, advertisements are a significant source of income. Moreover, it also becomes easy for customers to discover businesses because of their digital presence.
Ananya, an interior designer from Vadodara began her Youtube journey with Interior Mata. Her business was heavily impacted because of the pandemic. Ananya took her failing venture to the online platform and instantly recovered it. Her channel garnered over 7 lakh subscribers, and her company served 80 clients in its first year.
Enhancing Classroom Education-
Educators have taken to Youtube to share their knowledge and expertise with the students. 91% of parents and children find Youtube to be an essential tool to gather information beyond classroom education. Creators on youtube have made study a flexible task for students of every age.
Don’t Memorise is one such channel by Ganesh Gopal Pai, who offers his content to help kids understand the complexity of maths. Moreover, his channel has garnered over 20 crore views and 23 lakh subscribers. The visibility on Youtube also allowed him to license his content to various Edtech companies.
A tool for Practical Knowledge and Skill Development-
Creators have outdone themselves when it comes to creating practical based content. Their work is not just praised for its entertainment value but also as a source of honing skills. 59% of Youtube consumers have used the platform for learning skills. These skills would make them potential candidates for the job market.
Even our national hero, Neeraj Chopra has the same opinion. The 2020 Olympic Gold Medalist considered YouTube an essential source for learning throwing techniques and other expertise during his practice days. This should be enough to convince you of the value of content and content creators.
Picture Courtesy- DNA India
Discovery of Indian Traditions-
The digital mediums have become a platform for every creator to showcase their skills. It has provided an opportunity for creators to step forward and educate the public about India’s diversity. Additionally, helping the viewers to stay connected with their cultural heritage and values. According to the survey, 67% of users agreed to have learned about their Indian culture through Youtube.
A youtube channel by Tetseo Sisters, is dedicated to producing Chokri music. It will undoubtedly be a treat to your ears. The creator’s idea of preserving cultural folklore and language through YouTube is admirable. Many such creators are striving towards a similar goal as the Tetseo Sisters, creating to be recognised.
Picture Courtesy- Artikeys
A Global Audience-
Youtube has given a platform to Indian creators to be recognised by an international audience. 15% of the watch time on Indian content comes from outside India, which shows worldwide relevance of digital content being produced. 96% of music firms agree that Indian music has grown in popularity because of its presence on Youtube.
The much loved singer and music composer Armaan Malik witnessed an exponential growth in viewership on his current releases. His presence on YouTube has allowed his music to reach a global audience and earned him widespread recognition.
Picture Courtesy- Armaan Malik
To summarise, the Oxford Economics report emphasises the key importance of a content creator and their ability to influence the globe. It will also serve as a manifesto to encourage the numerous creators to keep creating content with fervour. Perseverance will bring recognition eventually. The report is a clear indication to the fact that there is a vast appetite for digital media consumption among the general public.
So do you feel inspired to create and connect with your audience? Did we make you realise your power as a creator? Are you a creator looking for a space to share your knowledge and expertise? Do you want to monetise your content?
believe in the power of content creation and the future of the Creator Economy. We are here to help you organise some amazing workshops and courses. Come forward, share your expertise with the audience and monetise your hard work with us.
Creators, a bright future awaits you!