How can a simple app like YouTube increase a country's economy

Arsh Mishra

 

  


How can a simple app like YouTube increase the economy of a country

You might be surprised after reading the title our our today's blog. You might be wondering how can an online video sharing and social media app like YouTube can be a big helping hand in boosting a country's economical rates. We will cover this entire topic in three parts- 

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1. What do you mean by economy.

2. How YouTube contributed in boosting the economy of the country.

3. What are the disadvantages of this.

4. Conclusion.

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What do you mean by economy

An economy is the large set of inter-related production and consumption activities by different agents which determines how scarce resources are allocated. When it comes to the term economy the first things that my mind relates it with is the consumption of goods and services and the supply of money. USA is the country with the strongest economy, i.e. $20.89 trillion. On the other hand in 2020, Burundi was reported with the lowest per-capita GDP ever, closely-followed by South Sudan and Somalia. Factors that are behind a country's economic growth are:

  • Natural Resources.
  • Physical Capital or Infrastructure
  • Population or Labor
  • Human Capital
  • Technology
  • Law

Discovery of petroleum and fossil fuels was one of the main reasons behind the sharp rise in economy of countries like Venezuela and Saudi Arabia.




How YouTube contributed in boosting the economy of the country

If you have seen the figures for the year 2020 then you would know that YouTube's growing creator ecosystem has contributed Rs 6,800 crore to the Indian GDP. This is a huge amount for anyone in this world and one can live their life with luxury. This is around $870,193,960. Apart from this they have also supported 683,900 full time equivalent jobs in India in 2020. Don't forget that this was the year of the pandemic, so thousands of people had already lost their jobs.

In U.S too they contributed $20.5 billion to the US economy in 2020 and supported 394,000 full-time equivalent jobs. That's how they feed thousands of families. YouTube has become the life saver and bread maker of many. Along with the increase in the rates of employment they gave millions of people a creative way to showcase their talents and explore their hidden themselves.





What are the disadvantages of this

Unfortunately YouTube being a bread maker for many families have many downsides too. This app affects everyone differently. For example -

1.) Students - Many students use YouTube in their everyday life. They get inspired by watching their favorite youtubers and gets flattered by seeing their income and fan-following. Many of them take bold decisions to pursue their dreams of becoming a successful YouTuber, but here is the catch that not everyone manages to hit their desired milestones and get dejected seeing the heartbreaking results . There is no going back from here as they have spent most of their time on YouTube instead of developing their skills. This untimely result in depression.

2.)Office workers - Derived by the desire to bring traffic to their businesses most of the entrepreneurs and game developers spend thousands of dollars for holding up ads on YouTube. But people who are browsing on the internet do like wasting their time on such things and do not much attention to these. Thousands of ads are shown but are not acknowledged by people. Here the responsibility of YouTube for showing these ads is fulfilled but there is no gain for which these entrepreneurs and game developers spend their money. Along with that people are also annoyed by the innumerable number of ads.

3.) Inappropriate content - Although YouTube is trying its best and implements various policies by which they could make the their platform family-friendly by still people through out the years have found out numerous loop holes to serve their inappropriate content on YouTube. Mostly people between 13-24 years fall into their trap and finally realize it isn't good for their courier but it is already too late.

4.) Content distraction- This is the point on which many people may not agree but still it is a problem with many people. This problem has increased lot after introducing YouTube shorts. Some people just sit for hours with their phones scrolling down the YouTube shorts wasting their time and this is not a good habit but still there are many people who are wise enough to distribute their time and using a part of their time for watching YouTube. But again everyone had their own choice on this and I am not interfering or trying to influence their choices.





Conclusion

In the end I would just like to conclude by saying that everything has a good side and bad side if you look up towards the bad side only you will never be able to appreciate the good qualities of the thing. So in my opinion YouTube is one of the most fastest growing apps and it has the potential to climb the stairs of success to its peak. It is already a great app and despite of its some small disadvantages, loved by all. 





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