Nepalese social media users earned over 2.23 billion via social networks such as Facebook, YouTube, and TikTok in the first 9 months of FY 2081/82. The earnings show how the youth are exploiting the digital spaces for economic purposes and also highlight how it should be encouraged further.
The figure came via the Nepal Ratra Bank report, as it has started keeping records of earnings through social networks and audio-visual services. According to the regulatory bank, over Rs 2.23 billion entered Nepal via social networks in earnings to the users who make content from Nepal.
The bank’s Acting Director Birendra Bahadur Budha confirmed that the amount was registered as coming in earnings through social media. He said that the amount is mostly attributed to revenues users earned through YouTube, Facebook, TikTok, etc. But he said that the statistics must be further refined in the coming days.
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How are Nepalese earning through Facebook, YouTube, and TikTok?
Nepalese are earning through their social media accounts after monetizing their accounts. Social networking platforms such as Facebook, TikTok, and YouTube allow users to monetize their accounts after meeting a certain criterion, which varies on each platform. After monetization, users can earn on the basis of the views their video attracts and ads embedded in that content.
But on Facebook and TikTok, users can earn through gifts and stars they receive from fellow users. The earned money is sent via the concerned companies to users’ bank accounts every month.
Users can post videos of different genres. In Nepal, users post videos of their travel called moto vlogging, interviews, music videos, etc. On YouTube, users can earn through their videos with AdSense (Google’s advertisement program). Users on TikTok and Facebook go “live” to interact with their followers and receive gifts and stars, which convert into money.
Almost Rs 35 crore in a month through social media
The even more stunning stat is that about Rs 35 crore arrived in Nepal via social media. The sum was reported in Poush of 2081. In Shrawan, it was Rs 23 crore, while it was Rs 30.80 crore in Mangsir.
Earlier, there were reports that in 2022 alone, Nepalese earned Rs 67 billion by selling IT services abroad. So, the earning trajectory is rising, and it’s just that NRB has started taking official records of it.
Time to encourage digital space, but also regulation!
In recent years, many Nepalese have embraced digital spaces as a source of income. Especially, the youth demographic has resorted to various digital platforms for earning. This includes freelancing platforms that let them work from home and social media such as Facebook, YouTube, TikTok, etc.
The government is also implementing plans to encourage the IT sector. In the budget speech for FY 2081/82, the government announced its plan to develop Nepal as an IT hub in the next decade and while creating millions of jobs.
While all these sounds rosy, there are some concerns too relating to the nature of the content that might not suit the social dimension. Last year, the Nepal government even had to ban TikTok for almost 10 months, citing its negative impact on social cohesion. There are frequent calls for strict regulation of social media, as well as objections. But many agree that content on social networks needs moderation so as to keep them within the boundaries of social acceptance.
And the thing is that if social media were registered in Nepal, it would further help with earning and its regulation. Right now, the Nepal government has requested that social media like Facebook register in Nepal.
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Also, treating digital spaces as a major source of income could hurt the production sector of the country. So, caution needs to be taken to encourage youth in “offline” industries as well.