A Platform For Korean Opportunity
Assessing the economic, societal and cultural impact of YouTube in South Korea
Oxford Economics was commissioned by YouTube to assess the scale of its economic, cultural and societal impact in South Korea. Our analysis shows that YouTube’s creative ecosystem contributed ₩ 1,597 billion to the South Korean economy in 2020 and supported some 86,030 jobs.
YouTube’s diverse and dedicated Korean user-base visits the platform for a wide variety of reasons. These include discovering new music and entertainment, learning and self-improvement, connecting with like-minded communities, and exploring opportunities for growth in their careers. Oxford Economics was commissioned by YouTube to assess the scale of its economic, cultural and societal impact in South Korea. We undertook three anonymised surveys comprising over 4,000 South Korea based users, 550 creators, and 500 businesses.
To model the economic impact of YouTube’s creative ecosystem, we used survey data and official statistics, such as spending, income and tax data, to estimate its contribution to employment and GDP. The source of this impact is the advertising revenues for creators and media companies, and the advertising-derived royalty payments made to the music industry, as well as the off-platform revenues earned by creative entrepreneurs that are stimulated by their YouTube presence. We also capture the indirect and induced economic impacts of these revenues, that ripple through South Korean supply chains and are stimulated by the wage expenditure of those employed.
In the report, we present the results of our economic modelling and wider research, accompanied by additional evidence and case studies from some of South Korea’s most notable YouTube creators including: Korea Grandma, Pinkfong, Live Academy, and Thank you BUBU.
Our economic consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques. Lead consultants on this project were:
Managing Editor, Thought Leadership - EMEAEmail
Director of Economic Consulting, AsiaEmail