YouTube contributed $55B to America's GDP last year. Say what!
What's the story
YouTube's creative ecosystem added over $55 billion to the US GDP and supported over 490,000 full-time jobs in 2024, a report by Oxford Economics has revealed.
The term "creative ecosystem" encompasses not just content creators but also video editors, assistants, publicists, and employees of creator-focused companies like Patreon and Linktree.
The findings highlight the economic impact of YouTube's platform on various sectors.
Growth trajectory
Jump from 2022 figures
The 2024 figures from YouTube and Oxford Economics show a significant jump from 2022, when the creative ecosystem was credited with creating around 390,000 jobs and contributing over $35 billion to the US GDP.
This means that in just two years, there has been an increase of some 100,000 jobs and $20 billion.
The growth is attributed to YouTube's consistent monetization opportunities for creators through its Partner Program.
Monetization benefits
How YouTube's Partner Program works
YouTube's Partner Program allows eligible creators to earn 55% of the revenue generated from ads on their content.
This can translate into thousands of dollars a month for mid-range creators.
Unlike TikTok and YouTube Shorts, which are still figuring out how to monetize their platforms effectively, YouTube has been able to provide reliable monetization opportunities for its content creators through this program.
Advocacy
Creators facing multiple challenges
Despite their financial success, many creators have faced challenges in accessing business credit cards or certain loans due to their unique financial profiles.
These issues have prompted creators to call on American institutions, including banks and the government, to provide better support for their industry.
The concerns were significant enough to warrant the formation of a bipartisan Congressional Creators Caucus in the US last week.