New report finds that YouTube contributed $608 million to Australian economy in 2020
A report from independent consulting firm Oxford Economics has found that YouTube’s creative ecosystem injected $608 million into the Australian economy in 2020.
The YouTube Australia Impact Report claims that YouTube supported 15,750 full-time equivalent jobs in Australia in 2020, with principal earnings coming from the platform’s advertising revenue and the advertising-derived royalty payments it makes to the music industry.
The report said that 97% of music and media companies with a YouTube channel agreed that the platform allowed them to reach global audiences, and positioned the platform as a music discovery tool for international audiences, with a considerable 90% of watch time on Australian content coming from overseas viewers in 2020.
Throughout the report, Oxford Economics found that 50% of Australian creators on YouTube had been able to access additional revenue opportunities away from the platform, including concert ticket and merchandise sales.
The report also cites Australian musicians Baker Boy and Miiesha as case studies of creators benefiting from YouTube, with the latter noting the platform’s role in sharing her Indigenous culture with the world.
“I’ve always wanted to help people understand where I’m from, the beauty of my people and Aboriginal culture,” Miiesha said.
“YouTube lets me share all that with the world through my music videos, helping to put my community on the map.”
ARIA CEO Annabelle Heard is also quoted throughout the report, highlighting how YouTube has allowed global audiences to continue engaging with Australian music throughout the pandemic.
“YouTube is a powerful platform for Australian artists to connect with fans domestically, but also to propel Australian music to the world stage,” Heard said.
“With live gigs and international travel being cancelled through the pandemic, YouTube’s role has become even more important by enabling continued fan connection through live streams, new releases and virtual events.”
The YouTube Australia Impact Report arrives in the wake of Lyor Cohen’s announcement that YouTube paid the music industry US$4 billion between March 2020 – March 2021, with 30% of that figure coming straight from user-generated content (UGC) on the platform.