YouTube continues to make a big mark in the American creator economy. It generates billions of dollars annually. Then, it gives back by passing it on to its creators via its Partner Program and more.
A new study by Oxford Economics has found that the YouTube creative ecosystem contributed over $25 billion to the US economy in 2021. It supported over 425,000 full-time equivalent jobs.
The study has powerful insights into the platform’s presence. And it helps support creators in various ways.
The Oxford team surveyed over 6,000 YouTube users, creators, and businesses. The huge data pool and its results highlight how significant YouTube’s platform is.
This certainly is among YouTube’s greatest edge against its rivals. TikTok is the trending video platform. Meta has mixed success with video tools. But YouTube still offers the greatest earnings potential for creators. The more money is on the platform, the more top creators it can draw in.
YouTube Shorts is not as good as TikTok. But it’s a balancing channel to a creators’ main YouTube feed. If you can build a strong following to your channel, you have more chances of earning more. And TikTok creators are not having it.
If unaddressed, we may see more TikTok top stars moving over to YouTube instead.
The report also checks how businesses use YouTube. It had insights on how SMBs benefitted from building a YouTube presence.
You will also see common usage trends. And it can help with your content strategy for YouTube.
YouTube’s presence and role in digital interaction fuels the creator economy in the US, and even worldwide. It gives people a channel to monetize the things they are passionate about.
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in this context In this context, YouTube looks more appealing. If creators will continue to switch, it could threaten TikTok’s future.
Download the full Oxford Economics’ YouTube Creator Economy report here.