YouTube has released a new report that outlines its contribution to the global economy, with its YouTube Partner Program (YPP) now supporting some 2 million creators and facilitating $ 10 billion in direct payments to creators each year.
The report, produced in partnership with Oxford economy, provides insight into the positive impact YouTube has had for many people, who have been able to turn their passions into careers through YouTube clips. This comes at a time when more and more questions are being raised about the broader value of social media, and whether it is truly god to society, with Facebook in particular in the headlines this week during the week. recent exposure of Facebook files.
YouTube has also come under intense scrutiny. The platform has been criticized for failing to stop the delivery of anti-vax content, for facilitating the distribution of extremist content, and for not doing enough to tackle the potential damage caused by content amplified by its algorithms.
What makes this report very interesting – according to YouTube:
“Despite the bottlenecks that interrupted so many sectors of the creative industries throughout 2020, research from Oxford Economics has found that YouTube’s creative ecosystem supported 394,000 full-time equivalent jobs in the United States, an increase of 14% compared to 2019. Indeed, the the total contribution of YouTube’s creative ecosystem to US GDP was $ 20.5 billion in 2020, an increase of 23% compared to 2019.“
It’s hard to deny the platform’s advantages in this regard. Of course, that doesn’t mean that YouTube doesn’t also have a negative impact in some ways, but when you consider the broader economic benefits and new career paths that the app has facilitated, this offers a contrast. interesting with the current narrative and additional nuance to questions regarding the benefits and impacts of wider use of social media.
Indeed, all social platforms are now looking to implement their own monetization programs, which largely seek to align with YouTube’s YPP. This will provide even more ways for creators to directly monetize their passions – and while not everyone will be able to start their own business, despite having such tools, the opportunities for them are now greater than ever.
“If all platforms shared revenue with creators like YouTube does, the creator economy could compete with Hollywood in terms of economic impact and job creation, just as it does in terms of cultural influence.“
The report highlights these benefits, and again, while this does not diminish the negative impacts, it should be noted the main benefits that social platforms also offer, in addition to improved social connection, enhanced social connection. community, relationship benefits and more.
It’s an interesting report anyway – you can read the whole “State of the Creator Economy Report here.