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July 28, 2023
New Mexico’s Legal & Financial Weekly
Vol. 10.103 No. 30
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New Study Estimates YouTube’s Impact on U.S. Economy and Culture
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T
he next time you enjoy watching something on YouTube, you may care to consider there’s a lot more to the service than fun and learning. It’s an important part of our economy, too.
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Study Shows For example, Oxford Economics—a global advisory firm—published a study assessing the impact of YouTube creators on the United States’ 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 fulltime equivalent jobs. In the U.S., 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%. A Big Help For Small Business The report also provides insight into how YouTube creators and “Online success doesn’t just mean having a viral video or 15 minutes of users, parents and teachers feel about the platform’s impact on American fame anymore,” said Vora. “People are waking up to the realization that life. you can build lasting careers and successful businesses by leveraging platforms like YouTube.” Small businesses are also figuring out how to turn YouTube subscribers into opportunities. Oxford Economics’ research found that 78% of small Parents And Teachers Approve businesses that use YouTube agreed it’s essential to their business growth. The report also shows that parents and teachers find value in YouTube. “YouTube leveled the playing field between us and big box stores because According to the study, 85% of U.S. parents who use YouTube agree that it it puts our business in front of customers who may not otherwise find provides quality content for their children’s learning and entertainment. us,” said Steve Andrianos, who runs Hercules Candy with his family in Additionally, 73% of teachers who use the system agree that it helps Syracuse, NY. students learn. Others are leveraging platforms such as YouTube to launch new, Learn More rewarding careers. Nisha Vora of San Diego, CA left her career as an attorney at a top law firm to pursue her passion for vegan cooking. Her YouTube channel—Rainbow Plant Life—has over 1 million subscribers. -(NAPSI)