With the Creator Economy growing and transforming in an exceptionally positive fashion, it is no surprise that many academics and businesses are eager to take a deeper look at its progress. Youtube seems to be at the center of this phenomenon and has given influencers the chance to maximize their earnings as well as develop a tremendously loyal following. To explore this concept even further, Netinfluencer will discuss the main findings collected in The State of the Creator Economy Report by Oxford Economics.
Who Conducted the Survey?
The State of the Creator Economy Report was carried out by Oxford Economics, a profound body that works to advise and consult an array of institutions through their latest financial endeavors. By using a plethora of analytical data resources as well as a range of economic advisors, Oxford Economics has managed to produce an abundance of reports and whitepapers that give its clients a better understanding of our global economy.
Though this establishment was first formed in England, it can now be seen in a collection of financial hubs from around the world including New York and Frankfurt. This worldly perspective also allows Oxford Economics to take on new challenges and projects such as exploring how the conflict in Ukraine will impact the global energy crisis.
Despite its prestige in many influential industries, Oxford Economics is dedicated to making its work accessible to many audiences. For example, the body conducts a wealth of online webinars to help the general public to deepen their knowledge of key issues from around the world.
Although this report focuses on the wider impacts of the Creator Economy, it mainly focuses on the nuances of YouTube and how this platform has managed to help a variety of influencers build very lucrative careers. Oxford Economics first began by creating a unique survey that was given to over 4,000 Youtubers, 3,300 content creators, and a further 600 businesses that used the platform to promote their brand.
This report also relies on a vast selection of anecdotal evidence, using interviews with a collection of popular YouTubers to give the document more qualitative data. This data helps to accentuate the findings displayed in the report and also gives the creators the opportunity to explain how the platform has supported their growth.
Oxford Economics also provides more information about its methodology process, giving insight into how it categorizes certain influencers. For example, this body only interviewed those that had over 10,000 subscribers. In addition, Oxford Economics also uses an array of economic tools to effectively assess how the YouTube Creator Economy affects the wider GDP of America.
Three Key Takeaways
This report amasses a variety of alluring findings, giving audiences and businesses the chance to delve deeper into the intricacies of this ever-growing industry. Described below are just three key findings from this report.
- YouTube’s portfolio of creative programs contributed over $35 billion to the US GDP in 2022.
- 80% of SMBs believe that YouTube is a valuable resource when training their staff.
- 72% of viewers enjoy the fact that YouTube presents a very diverse range of voices and perspectives.
What Does This Mean for Influencer Marketing?
The first finding within this report explores YouTube’s influential ecosystems, all of which come together to support businesses and influencers to reach highly engaged and active audiences. Oxford Economics also informs us of how this platform has helped the US economy see incredible levels of exponential growth, which also positively impacts the wider population. Therefore, we can assume that the Creator Economy is no longer a niche aspect of social media marketing but is now a fully-fledged industry that is working to better the lives of many Americans.
Since this report also focuses on how businesses use YouTube to extend their success, it is no surprise that a large collection of corporations also view it as an admirable training resource. This statistic leads us to believe that YouTube is also eager to support the growth of already established brands, helping it to become a very prestigious and household name within the business world. Oxford Economics also tells us that many SMBs see YouTube as a very cost-effective asset, further exemplifying its power as a universal and highly sought-after resource.
The final finding within this report expresses the popularity of YouTube from a general audience’s perspective. With over 70% of viewers praising the platform for its wide array of characters and perspectives, YouTube has managed to build an environment where influencers are encouraged to flourish, allowing them to present their truest selves in front of a wealth of unique followers. This vivacious sense of creativity also seems to be a grand sense of income for many popular influencers on the platform.
Link to the Report
The State of the Creator Economy Report can be found on Oxford Economics’ website alongside a wealth of informative articles and validated credentials.