From direct monetization to job creation, YouTube’s latest Impact Report sheds a light on how the platform is powering real economic growth across the US.

YouTube’s creative economy

YouTube’s 2024 US Impact Report 2024 is out, and the numbers are big. The report highlights the contribution of YouTube’s creator ecosystem to the US economy. According to research backed by Oxford Economics, YouTube contributed $55 billion to the US GDP last year. This would place YouTube’s creator economy in the US 88th in the world if it were a country, and that’s just from the company’s contribution to the US. It’s also the equivalent of 490,000 full-time jobs, which if you do the maths, is at a salary of a little over $110,000 too!  

That’s up $20 billion and an extra 100,000 jobs from 2022. Huge gains in just two years.

This isn’t just about people uploading videos, racking up views, and earning from it. YouTube’s creative ecosystem is evolving, providing new ways for creators to earn on the platform.

It goes beyond just the creator

When we talk about YouTube’s creator economy, it’s about more than just the creators you see on the screen. Many creators now operate like full-fledged businesses. That means hiring editors, managers, marketers, and even publicists. Creators are building teams, launching brands, and selling products- using their YouTube earnings to generate even more income.

In fact, 79% of small and medium-sized businesses using YouTube say the platform is essential to their growth. Brand exposure opportunities and tools like YouTube Shopping are opening up new revenue streams, making it easier for creators to scale their businesses.

So while the spotlight might be in the person in front of the camera, the ripple effects go much further.

The importance of YouTube’s Partner Program

Launched in 2007, YouTube’s Partner Program is a major driver of creator income. Eligible creators earn 55% of the revenue from ads, plus a split of subscriptions revenue and other monetization features.

From 2021 to 2023, YouTube paid creators, artists, and media companies over $70 billion from the partner program alone.

But it doesn’t stop there. YouTube is always looking to support creators with new monetization opportunities. The platform recently revealed that Shorts revenues now match that of long-form content, and listed 10 ways that creators can earn directly from YouTube.

YouTube Shorts revenue now matches long-form YouTube content

“Looking at this momentum and toward the next two decades, the creator economy is just getting started. We’re excited to see what our next 20 years have in store.”

Neal Mohan, YouTube CEO

Whether you’re an artist, label, or content creator, YouTube remains one of the most powerful platforms to generate income and grow an audience.

You can watch a quick breakdown of the report here, or by clicking below.

Get your music onto YouTube’s Content ID system and start earning today- free with RouteNote.