As India leaps toward a $5 trillion economy, digitization continues to play a major role in getting us there. And in the Internet age, Google plays a big role. For example, according to Oxford Economics research, YouTube added his 1 lakh to his GDP in 2021 thanks to 750,000 creators and their supporting staff.
Vivek Kumar Anand, Director of Business and Innovation at DViO Digital, points out that in today’s data-driven, reward-driven culture, YouTube has become a way of life. “If you want more information on a topic, go to YouTube. Reviews, unboxings, tutorials, music videos, gaming videos, vlogs, educational videos, comedy, entertainment videos. From funny to informative. Wide range Content and searchability aside, YouTube’s early adoption has allowed it to build a large and loyal user base over the years.”
This brand loyalty has driven the creator economy significantly. His Mitesh Kothari, co-founder and CCO of White Rivers Media, said: Many people have come to appreciate the imaginative and engaging work of his content creator. Many of them use this popularity to monetize their passion and make a living. From corporate sponsorships and brand promotions to participating in various challenges and campaigns hosted by social media sites, there are many ways these creators can make money today. ”
Today, the Creator Economy serves more than just a platform. Not only does it foster community, it strengthens connections between businesses and consumers, allowing them to focus on hard-to-reach demographics.
Kothari said several factors contributed to the boom in the creator economy. “According to TRAI, India has 700 million Internet users and 600 million smartphone users, making it the second largest country in the world by number of users. Consumption is fueling the expansion of the creative economy, storytelling has finally captivated the public, and India’s internet penetration has enabled residents of small towns and rural areas to join the wave of creators. ”
Divyansh Gala, Group Head – Outreach at Socheers, said interestingly, the term creator is not just limited to influencers now. Or just funny content. “Teachers who share their lectures online are creators. Chefs, amateurs and professionals alike, share recipes and culinary secrets. He is one of the reasons,” he says.
Anand said that YouTube definitely dominates the market and has huge mind share, with two key drivers. “First, it is the second largest search engine after Google. YouTube has videos in the languages you like. The point to note here is that Instagram also has a critical mass, but the platform is primarily about short-form content and is not search-driven, but for long-form content There is no competition.”
Samiksha Mehta, Business Development Manager at Pollen (Zoo Media) observes the slow and steady recruitment of new viewers with the emergence of YT shorts. “YTS is definitely a format that not only brands but also creators should participate in, because YouTube plans to start monetizing from January 2023 (already in beta testing)” or Creators – YouTube Partner Program Must have at least 10 million views on YTS to qualify for . “This means everyone jumps on this format and starts building content banks to reach this number.”
As of April 2022, India is by far the country with the highest number of YouTube viewers, with approximately 467 million users on the popular social video platform.
“For many Indian youth, YouTube is synonymous with the internet. They use it for entertainment, learning skills and even education. We are looking to YouTube creators to fill the gap,” said Pranav Agarwal, co-founder of Sociowash. “No other platform has gained as much traction as YouTube. YouTube as a platform is arguably the most expressive in all of India, with compelling scripts, the ability to produce videos on little to no budget, and entertainment. Our Indian creators are producing blockbusters and now ‘short films’. ”