YouTube's Economic Impact: $55 Billion Boost to U.S. GDP in 2024

YouTube app logo (Reuters)

The latest leak discovered by "WABetainfo," a site dedicated to everything related to WhatsApp, reveals that the platform plans to allow users to communicate using usernames instead of phone numbers. This change aims to facilitate quicker interactions among users, similar to other social media and messaging platforms like Signal and Telegram, which have employed this method for years.

Although this new feature has not yet reached even beta testers, the code found indicates the platform's intention to modify its interface and functionality to align with the use of usernames instead of phone numbers.

Currently, the exact workings of this new system cannot be confirmed since it is still in the testing phase. However, the code suggests that a username will be visible to users who do not have your phone number saved, and it will also be used to search for users within the company's database and initiate contact instead of using a phone number.

The new update is anticipated to be released this year, especially with the increased activity from WhatsApp's development teams following the launch of the long-awaited iPad version of the app.

Furthermore, figures related to job creation continue to rise, even as venture capital investment in this sector has declined compared to about four years ago, according to a report by TechCrunch reviewed by Al Arabiya Business.

In 2022, research from YouTube and Oxford Economics indicated that its creative ecosystem provided approximately 390,000 jobs and contributed over $35 billion to the U.S. GDP. This implies that the figures for 2024 have jumped by an additional 100,000 jobs and $20 billion.

These figures are significant, as YouTube offers the most stable and lucrative opportunities for content creators. Eligible YouTube Partner Program members can earn 55% of ad revenue, and even mid-tier creators (not just top-tier like Mr. Beast) can earn several thousand dollars monthly.

While TikTok and YouTube Shorts have attempted to monetize their platforms, the sector has yet to establish a reliable way to distribute ad revenue among short-form content creators.

Given its rapid growth and frequent misunderstandings, creators are urging American institutions—from banks to the government—to better support their industry. Some creators struggle to obtain business credit cards or specific loans despite their evident financial viability.

These issues have become prevalent enough to draw attention. Last week, U.S. Representatives Yvette Clarke (D-NY) and Beth Van Duyne (R-TX) announced the formation of the Creator Caucus in Congress, a bipartisan group aimed at supporting and recognizing the potential of the creative economy.