An omnipresent AI and all things blockchain: What to expect from 2023

As India hurtles towards becoming a five trillion-dollar economy, digitalization continues to play a massive role in getting us there. And in the age of the internet, Google plays a huge role. For instance, YouTube, according to an Oxford Economics study, added Rs 10,000 crore to the GDP in 2021, thanks to 750,000 creators and their ancillary staff.

Vivek Kumar Anand, Director – Business and Innovation, DViO Digital points out that in today’s data-fuelled, reward-driven culture, YouTube has become a way of life. “When we need detailed information about any topic, we hit YouTube. For Reviews, Unboxing, Tutorials, Music videos, Gaming videos, Vlogs, Educational videos, Comedy and entertainment videos; everything from entertaining to informative. Apart from a wide range of content and searchability, its early adoption has allowed YouTube to build a large and loyal user base over the years.”

This brand loyalty has majorly driven the creator economy. As Mitesh Kothari, Co-founder and CCO, White Rivers Media, notes, “’Creator economy’ has become one of the buzzwords this year in India’s start-up ecosystem. Many people have come to appreciate content creators for their imaginative and captivating work. Many of them are making use of this popularity to monetise their passions and make a living. There are many ways for these creators to make money nowadays, from corporate sponsorships or brand promotions to participating in various challenges and campaigns organised by social media sites.”

Today, the creator economy contributes to more than simply platforms. In addition to fostering a community, it strengthens ties between businesses and consumers and enables them to focus on a difficult-to-reach demographic.

Kothari says that several reasons have led to the boom in the creator economy. “According to TRAI, India has 700 million internet users and 600 million smartphone users, placing it second in the world for user numbers. Digital media consumption, as opposed to more conventional forms like TV, has encouraged the expansion of the creative economy. Storytelling ultimately draws people, and India’s internet penetration has made it possible for residents of small towns and rural areas to join the creator wave.”

Divyansh Gala, Group Head – Outreach, SoCheers, says it is interesting to note that today the term creator isn’t limited to just influencers either; or just entertaining content, for that matter. “A teacher sharing their lectures online is a creator; so is a chef, amateur or professional, sharing their recipes and cooking secrets. This widening scope is one of the biggest reasons for the immense success of the creator economy,” he says.

Anand notes that YouTube undoubtedly has a dominant market position and enormous mind share and there are two key driving factors for it. “First is that it is the 2nd largest search engine next to Google. YouTube has a video for whatever you want in whatever language. A second factor is the consumption habits of the population, where videos are preferred over written text. The point to note here is that Instagram also has that critical mass, but the platform is mainly about short-format content and not search-driven, whereas, for long-format content, there is no competition.”

Samiksha Mehta Business Development Manager, Pollen (Zoo Media) observes that with the emergence of YT Shorts, they are slowly and steadily recruiting newer audiences. “YTS is definitely a format brands as well as creators need to be on especially because YouTube is going to start monetizing it starting January 2023 (already in beta testing),” she says noting that an interesting fact is that any page – be it brand or creator – must have at least 10 million views on their YTS to be eligible for the YouTube Partner Program. “This means that in order to reach this number – everyone will start jumping onto this format to start building a content bank.”

As of April 2022, India is the country with the most prominent YouTube audience by far, with approximately 467 million users engaging with the popular social video platform.

“YouTube is synonymous with the internet for many young Indians. They use it for entertainment, learning skills, and also education. In towns where education facilities are lacking at schools and colleges, students are turning to YouTube creators to fill that gap,” says Pranav Agarwal, Co-Founder of Sociowash, concluding, “No other platform has been able to garner the traction that YouTube has managed, that too across demographics. YouTube, as a platform, arguably has the best representation pan India. With engaging scripts, the ability to produce videos with little to no budgets, and entertainment, our Indian creators are making blockbusters or, now, even ‘shorts-busters’.”