The number of Indian YouTube channels with six-figure revenues has doubled in less than 2 years
The amount paid by YouTube to creators in India is steadily increasing. On the one hand, the number of creators is increasing, on the other hand, the earning potential of these creators is also steadily increasing. In fact, creators have realized the true potential of video and are now finding ways to turn their YouTube gigs into career opportunities.
A study by Oxford Economics, an independent consultancy firm, recently released by YouTube, reveals that the Indian YouTube creator community creates enormous economic value. A huge Rs 6,800 crore was contributed by Youtube creator community to Indian economy in 2020. To put things into perspective, it is equivalent to 6.84 lakh full-time jobs.
There are over 40,000 YouTube channels in India with over 100,000 subscribers. The extreme popularity of video content in India can be well understood from the fact that the number of such channels doubles every two years. The unprecedented 45% year-over-year growth is being driven by skyrocketing smartphone adoption and fast mobile internet, which, in turn, are helping creators find new avenues to generate revenue. YouTube offers eight different ways to monetize channels, and creators work hard to get the most out of their channel’s reach and subscribers.
It is quite fascinating to learn that in June 2021, the number of Indian YouTube channels that generate six-figure revenue increases by 60% YoY.
According to Ajay Vidyasagar, Regional Director of APAC, YouTube Partnerships, India’s creator economy is poised to grow as a soft power that can impact the employment scenario and economic growth.
“As our creators and artists build the next generation of media companies that connect to global audiences, their impact on the overall success of the economy will only accelerate. We remain focused on our goal of providing a open, inclusive and responsible platform to hundreds of millions of Indians who turn to YouTube to develop new skills, discover their passions, hone their talents and grow their businesses,” he said in The Financial Express.
Along with revenue, YouTube is also helping Indian creators find new ways to reach wider audiences and expand their reach in both domestic and international markets. This creates opportunities for creators to earn money through live performances, brand partnerships or sponsorships.
According to the Oxford Economics report, over 80% of creative entrepreneurs in India said YouTube had been beneficial to what they were doing professionally. YouTube also claims to have been an effective tool for small and medium-sized enterprises (SMEs). More than 92% of SMBs with YouTube channels agree that the platform has opened the floodgates of opportunity, including making faster, more responsive connections with new audiences around the world. They find it easier to reach new audiences for personal or professional growth through targeted ads or simply by watching YouTube videos, according to the study.
“This report is the first of its kind to analyze and quantify the economic, societal and cultural impacts of the YouTube ecosystem in India. Our research shows that YouTube fosters significant positive impacts for Indian creators by helping them achieve their professional goals. and grow their business,” Adrian Cooper, CEO of Oxford Economics, quotes the report.
The creator economy in India is growing at an unprecedented rate, and the results above speak to the fact that video must be the preferred medium for individuals and businesses to reach new potential customers.
India is the second largest country in the world in terms of population, number of internet users and smartphone users. This has created a huge opportunity for creators amounting to billions of dollars. Realizing the potential of the Indian market, international creators have set their sights on Indian audiences by releasing more India-specific content or rebroadcasting content in Hindi. Mr. Beast, one of the most popular YouTubers, has gone for a similar strategy to get the most out of the Indian audience! To catch the attention of viewers around the world, it has also made its current videos available in different languages and also plans to dub its content into Hindi, which will eventually become its biggest international audience after English.
Brands are also aware of the importance of the Indian audience via creators. International brands looking to expand in India and gain a strong foothold in the market could achieve this through Indian creators who could influence a significant number of followers.
As India’s creator economy grows stronger year on year, it would be interesting to see if it would be YouTube, Instagram Reels or any other short video platform that manages to capture the lion’s share of the pie.