An impact report from Oxford Economics shows exactly what YouTubers contributed to the US economy in 2024. And let's just say, it's big business.
According to the report, YouTube content creators specifically contributed $55 billion to the U.S. economy and supported roughly 490,000 full-time jobs in 2024 alone. The platform has also made a big splash in other Western markets, including the U.K. (nearly $3 billion and 45,000 jobs in 2024) and Canada (nearly $1.3 billion USD and 30,000 jobs in 2023).
Understanding YouTube's Impact
It's hard to overstate YouTube's importance in the creator economy, both as a pioneering platform in the space and as a major driver today. YouTube first started an advertising revenue sharing system with creators all the way back in 2007 — only a few years after the platform launched.
Since then, YouTube has gone on to create a host of financial opportunities for creators publishing content on the platform. There are now 10 primary ways that YouTubers generate money on platform: ads, gifts, super thanks, super chat, brandconnect, YouTube Premium, ticketing, super stickers, channel memberships, and YouTube shopping. And keep in mind — these are just the ways YouTube generates commerce for YouTubers; many creators also leverage the platform for their own revenue streams, including brand deals and client generation.
In the three years prior to January 2024, YouTube paid out more than $70 billion to YouTubers (creators, artists, and media companies). It's an impressive number that will only continue to grow as more than 2 billion people per day view content on the platform.
According to the report, two out of three creators say that YouTube is an essential platform to earn a global presence.
How YouTubers Generate The Value
Of course, YouTube's value is directly tied to all of the creators who essentially create free content for the platform. These range from new creators trying their hand at vlogging for the first time to major network talk show hosts uploading their clips in bite-sized YouTube videos to creators like Mr. Beast investing hundreds of thousands (or even millions) of dollars in individual videos.
YouTubers upload 20 million videos per day, with a catalog of nearly 20 billion videos on the platform in total. Similar to music streaming platforms like Spotify, however, the majority of videos only generate a few, if any, views. Most creators who develop successful channels do so by consistently uploading over time and engaging on the platform.
This is how creators build communities that consistently come back to their videos. In the world of social media, platforms have prioritized showing content that will keep users scrolling. Which usually means shorter, faster, and more impactful videos — regardless who makes them.
But on YouTube, viewers will sit down for videos beyond 10 minutes and intentionally seek out their favorite creators time and again. It's one reason so many creators and businesses are able to build careers from their YouTube following — not just their ability to drive views.
Where Should YouTube Fit In Your Content Career?
Despite YouTube's proven track record of helping creators grow and small businesses expand their customer base, a lot of people are hesitant to launch a YouTube channel, even if they're already successfully running accounts on platforms like Instagram and TikTok. And that's completely understandable.
At the heart of it, YouTube is a different beast than social media platforms. And while, yes, YouTube Shorts are incredibly popular, the jury is still out on whether or not they'll actually help you build a traditional YouTube channel. But people fundamentally go to YouTube for different reasons from social media.
In fact, a whopping 92 percent of YouTuber users say they use YouTube to gather information or knowledge. And that means that you can approach YouTube differently than social media. You can take your time and speak more slowly. If you have domain expertise, that is often enough to gain an audience (well, that plus good hooks and thumbnails).
Ultimately, YouTube is the best bet among traditional content platforms when it comes to established monetization and longevity. The platform is full of helpful tutorials on how to start and grow a channel, and any content creator who can commit to three to four videos per month should seriously consider putting in the time.