On Tuesday, YouTube, a subsidiary of Alphabet Inc.'s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, revealed that its creative ecosystem contributed significantly to the U.S. GDP in 2024, citing a new report.
What Happened: YouTube's creative ecosystem generated $55 billion for the U.S. economy in 2024. This figure marks a $20 billion increase from 2022, when the ecosystem contributed $35 billion.
YouTube CEO Neal Mohan said, "Looking at this momentum and toward the next two decades, the creator economy is just getting started. We're excited to see what our next 20 years have in store."
The report, conducted in partnership with Oxford Economics, also highlights the creation of 490,000 full-time jobs within the YouTube ecosystem, up from 390,000 jobs reported in 2022.
Why It's Important: The creator economy, rapidly expanding yet frequently overlooked, has been pushing for more support from U.S. institutions like banks and government bodies, reported TechCrunch.
Despite clear financial stability, many creators face challenges accessing business credit cards or securing certain types of loans.
These concerns have gained enough traction to prompt action. Just last week, Rep. Yvette Clarke (D-NY) and Rep. Beth Van Duyne (R-TX) launched a bipartisan Congressional Creators Caucus aimed at acknowledging and advancing the interests of the creator community.
Price Action: Alphabet Inc.'s Class A shares rose 1.43% on Tuesday, while Class C shares increased by 1.34%, according to Benzinga Pro data.
Benzinga's Edge Stock Rankings show Alphabet maintaining strong price momentum across short, medium and long-term periods.