The creator economy will continue to thrive as creation becomes frictionless, consumption becomes boundless and fandoms expands, he added….reports Asian Lite News
The next generation of creators are coming from all corners of India and the creator economy will continue to thrive as creation becomes frictionless, consumption becomes boundless and fandoms expands, Google-owned YouTube said here on Wednesday.
Commemorating its 15 years since its localised version launched in India, YouTube said that driven by an expansion of creation tools and increasing preference for personalised viewing, India’s creative entrepreneurs have explored and conquered new frontiers of creative expression.
“As more sophisticated creation tools continue to democratize creativity, we’re seeing the creator economy take a new shape in the country. The next-gen of creators are coming from all corners of the country. Subcultures are becoming mainstream. And, the intersection of creativity and fan-fuelled discovery and commerce will drive the next wave of success,” Ishan John Chatterjee, Director, India, YouTube, told IANS.
The creator economy will continue to thrive as creation becomes frictionless, consumption becomes boundless and fandoms expands, he added.
Around 69 per cent of Gen Z in India like when their favourite creators are creating in different formats (short form, long form, podcasts, live streams).
This creative expansion is helping breathe new life into popular, well-established genres such as gaming, tech, comedy or cooking, reviving interest in many niche topics and cultures and fuelling the emergence of new genres like science, facts or motivation, according to YouTube.
The platform has over 80 million premium users across the world. According to third-party estimates, YouTube users in India grew from 122 million in 2017 to around 567 million last year.
With 71 per cent of people watching videos about a specific topic that they are into in multiple different formats, consumption has become boundless and seamless in the country.
“We introduced our localized version of YouTube in India in 2008, offering not only a bigger window into pop culture but also allowed the viewers to imprint their own voice and culture. Since then, Indian creators have pushed the boundaries of their creative expression and triumphed in doing so. And, YouTube started evolving into a platform for entertainment, education, and enrichment,” Chatterjee informed.
A latest survey by Oxford Economics showed that in 2022, 80 per cent of creators in India, who earn money from YouTube, agree that YouTube provides an opportunity to create content and earn money that they wouldn’t get from traditional media.
“Audiences want personalized experiences, in different formats, to meet different needs. And, these evolving preferences are redefining entertainment and making consumption more participative,” said Pawan Agarwal, Director, Music Partnerships, India, YouTube.