A ubiquitous AI and all things blockchain: What to expect from 2023
As India rushes towards becoming a five trillion dollar economy, digitization continues to play a huge role in getting us there. And in the internet age, Google plays a big role. For example, YouTube, according to an Oxford Economics study, added Rs 10,000 crore to GDP by 2021, thanks to 750,000 creators and their backers.
Vivek Kumar Anand, Director – Business and Innovation, DViO Digital points out that in today’s data-driven, reward-driven culture, YouTube has become a way of life. “When we need detailed information on a 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 enabled YouTube to build a large and loyal user base over the years.”
This brand loyalty has largely driven the creative 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 startup ecosystem. Many people have appreciated content creators for their imaginative and captivating work. Many of them are using this popularity to to monetize their passions and make a living. There are many ways for these creators to make money today, from corporate sponsorships or brand campaigns to participating in various challenges and campaigns organized by social media.”
Today, the creative economy contributes to more than just platforms. In addition to fostering a community, it strengthens ties between businesses and consumers and enables them to target a hard-to-reach demographic.
Kothari says that several reasons have led to the boom in the creative economy. “According to TRAI, India has 700 million internet users and 600 million smartphone users, placing it second in the world in terms of user numbers. Digital media consumption, as opposed to more conventional forms such as television, has encouraged the expansion of the creative economy. Storytelling ultimately draws people, and India’s internet penetration has allowed residents of small towns and rural areas to join the creative wave.”
Divyansh Gala, Group Head – Outreach, SoCheers, says it is interesting to note that today the term creator is not limited to just influencers either; or just entertaining content, for that matter. “A teacher who shares his lectures online is a creator; so is a chef, amateur or professional, who shares his recipes and cooking secrets. This expanded scope is one of the biggest reasons for the enormous success of the creative economy, he says.
Anand notes that YouTube undoubtedly has a dominant market position and a huge share of mind, and there are two key drivers for that. “First, it is the second largest search engine after Google. YouTube has a video for whatever you want, in any language. Another factor is the consumption habits of the population, where videos are preferred to written text. The point to note here is that Instagram also has the critical mass, but the platform is mainly about short-form content and not search-driven, while for long-form content there is no competition.”
Samiksha Mehta Business Development Manager, Pollen (Zoo Media) observes that with the rise of YT Shorts, they are slowly and steadily recruiting newer audiences. “YTS is definitely a format that both brands and creators need to be on, especially because YouTube is going to start monetizing it from 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 YTS to be eligible for YouTube’s partner program. “This means that to reach this number – everyone will start jumping on this format to start building a content bank.”
As of April 2022, India is the country with by far the most prominent YouTube audience, 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 cities where educational facilities at schools and colleges are lacking, students are turning to YouTube creators to fill this gap,” says Pranav Agarwal, co-founder of Sociowash, concluding, “No other platform has been able to gain traction like YouTube have managed, that too across demographics. YouTube, as a platform, has arguably the best representation pan India. With engaging scripts, the ability to produce videos with little or no budgets and entertainment, our Indian creators create blockbusters or now even “shorts-busters”.
