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ENTERTAINMENT BIZ - New Study Estimates YouTube’s Impact on US Economy and Culture

Nisha Vora left her career as a lawyer at a top law firm to become a full-time content creator, chef, and entrepreneur. Her YouTube channel, Rainbow Plant Life, now has over 1 million subscribers - (Photo: Rainbow Plant Life)

 

 

 

 

A new study finds that in 2022 YouTube's creator ecosystem contribute more than $35 billion to U.S. GDP and supported over 390,000 full-time-equivalent jobs

 

SAN BRUNO, CA USA -- (BUSINESS WIRE)

Wednesday May 17, 2023

Oxford Economics–a global advisory firm–published a study assessing the impact of YouTube creators on the United State’s economy, culture, and society. The report found that in 2022, YouTube’s creator ecosystem contributed more than $35 billion to the U.S. gross domestic product and supported over 390,000 full-time equivalent jobs. The report also provides insight into how YouTube creators and users, parents and teachers feel about the platform’s impact on American life.

“YouTube continues to have a transformative impact on American society," said Tara Walpert Levy, Vice President for YouTube's Americas business division. "The unique community of YouTube creators has driven economic growth and created entirely new and ever-expanding opportunities. Creators are today's entrepreneurs who build businesses, hire employees and power the economy. We are proud to provide them with tools that help unlock their dreams, creative expression, and earning potential.”

"It's difficult for people to fully grasp just how much value YouTube's creative ecosystem generates for the country, but our research helps shine a light on the significant impact generated by U.S. creators and businesses on the platform," said Hamilton Galloway, Oxford Economics’ Director of Economic Impact for the Americas.

Content creation is already reshaping the workforce. TurboTax reported a 207% increase in U.S. taxpayers claiming creator, streamer, influencer or related term as their occupation, from tax year 2018 to tax year 2020.

Nisha Vora of San Diego, CA left her career as an attorney at a top law firm to pursue her passion for vegan cooking and grew her YouTube channel–Rainbow Plant Life–to over 1 million subscribers. “Online success doesn’t just mean having a viral video or 15 minutes of fame anymore,” said Vora. “People are waking up to the realization that you can build lasting careers and successful businesses by leveraging platforms like YouTube.”

In the US, the number of YouTube channels with 1 million subscribers increased by more than 15% year over year between 2021 and 2022. The number of YouTube channels making $100K or more in revenue also went up by 5%.

Small businesses are also figuring out how to turn YouTube subscribers into opportunities. Oxford Economics found that 78% of small businesses who use YouTube agreed YouTube is essential to their business growth.

“YouTube leveled the playing field between us and big box stores because it puts our business in front of customers who may not otherwise find us,” said Steve Andrianos, who runs Hercules Candy with his family out of Syracuse, NY.

The report also shows that parents and teachers find value in YouTube as a learning tool. According to the study, 85% of U.S. parents who use YouTube agree that YouTube provides quality content for their children's learning and entertainment. Additionally, 73% of teachers who use YouTube agree that YouTube helps students learn.

© Copyright: National Radio. Any use of these materials, whole or in part, is prohibited unless authorized in writing by National Radio. Contact: nationalradio@yahoo.com ALL RIGHTS RESERVED

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