Breaking down YouTube India revenues: Mobile takes the lead, CTV catches up

Everyone is talking about YouTube Premium lately. Subscription pushes, ad-free incentives, even bundled YouTube Music promotions are becoming more aggressive. But here's the paradox: while Google might want to extract more direct revenue per user, especially in markets like India, YouTube's Indian engine still runs overwhelmingly on advertising.

That makes the opacity around YouTube India’s actual ad revenue all the more striking. Not media buyers. Not creators. Not even seasoned digital marketers can say with certainty what YouTube makes from India. There is no official breakdown, no India-specific number in Alphabet’s quarterly reports, and no public document that even hints at the size of this seemingly bottomless well of mobile views and bumper ads.

Still, we tried. Using expert guesstimates, industry ratios, and a bit of informed speculation, we’ve pulled together a working theory of YouTube’s Indian advertising machine, or at least, what we can see of it through the smog.

Alphabet’s Latest Numbers: A global pie with no Indian slice

In its Q1 2025 earnings (released April 25, 2025), Alphabet reported that YouTube advertising brought in $8.1 billion globally, a 13 percent year-on-year increase. That figure does not include subscription revenue (from YouTube Premium or YouTube Music), which adds another chunk on top.

Globally, ads still make up over 92 percent of YouTube’s revenue, with subscriptions and other products (like Super Chat, memberships, and YouTube Shopping) making up the rest. But India, the platform’s largest market by users, remains entirely unquantified in those reports. Just last year, YouTube Shorts in India crossed a trillion views, and connected TV (CTV) adoption has accelerated in metro markets, bringing YouTube from palms to living rooms.

So where is the money?

Gopa Menon, Chief Growth Officer, Successive Digital, says the revenue drivers within YouTube India's ecosystem are multifaceted and constantly evolving. “At present, the combination of in-stream skippable and non-skippable video ads, delivered largely through programmatic inventory, remains the foundational and largest revenue driver for YouTube in India. These ad formats are deeply ingrained in the consumption of long-form content, offering advertisers immense scale, precise targeting capabilities, and proven performance metrics. Programmatic buying allows for efficient allocation of budgets across a vast array of content.”

Dev Batra, CEO and Chief Culture Guardian at Lyxel&Flamingo, notes that subscription is something YouTube is doubling down on because revenue extraction per user is much higher from subscription than from ads. Subscriptions may offer better margins per user, but they are far from being the dominant revenue stream – especially in a country where the vast majority of viewers prefer free access, even with a barrage of ads.

Mobile-First, CTV-Next: The revenue breakdown, we think

Most experts agree on this much: mobile dominates YouTube’s ad revenue in India. “Looking at the consumption patterns, YouTube churns out the maximum revenue from mobile,” says Shradha Agarwal, Co-founder and Global CEO of Grapes Worldwide. “It’s a mobile-first market driven by cheap data and deep penetration.”

Garima Vishnoi, Senior Vice President, Media Alliances and Partnerships at White Rivers Media, adds that mobile not only leads on impressions but also in depth of engagement. “With regional content, local creators, and frictionless payments, mobile is the undeniable default for both urban and rural viewers,” she says.

Estimates suggest that anywhere from 65 to 75 percent of YouTube India’s ad revenue comes from mobile. Ravanan Natarajan, CEO of Oneindia, pegs it closer to 70 percent, based on their own internal viewership data. A veteran digital marketer estimates CTV to contribute 15 to 20 percent, noting its faster growth, higher CPMs, and appeal to brand advertisers. Desktop, across the board, trails far behind at 5 to 10 percent, used mainly for long-form or professional content.

In terms of formats, in-stream skippable ads or TrueView remain dominant. “It’s the most preferred option among advertisers,” says the veteran digital marketer. “It strikes the right balance between user experience and ad efficiency, and can be integrated into both programmatic and direct buys.”

“They offer scale, targeting, and cost-per-view or cost-per-action optimisation,” adds the veteran marketer. “Despite being old hat, they still dominate spends.”

But that dominance is being slowly challenged. YouTube Shorts, with its explosive growth in India, is emerging as a serious monetisation opportunity. Agarwal notes that where Shorts was earlier used primarily for brand-building, it is now being sought for performance-driven campaigns as well. The tie-ins with YouTube Shopping and Performance Max have added to its appeal.

“YouTube Shorts is rapidly growing, revenue driver, significantly altering the landscape over the last year. YouTube has been aggressively working to align its ad revenue per watch hour with long-form content. Shorts' staggering global viewership (trillions of views) and immense popularity in India specifically (where it was first launched) have made it a critical platform for advertisers,” says Menon.

On the other end lies connected TV. Agarwal notes that CPMs on CTV are two to three times higher than mobile, making it attractive for advertisers targeting affluent urban audiences. “It is emerging as an ideal option for premium inventory,” she says.

Vishnoi adds that events like cricket streaming have significantly boosted CTV ad income. “Longer watch times and higher CPMs are attracting premium campaigns,” she says.

An anonymous media buyer offers some topline estimates: ad revenue contributes more than 90 percent of YouTube India’s total revenue, while subscriptions and other products bring in less than 10 percent. YouTube’s in-app purchase revenue from India in 2024 was only $4.2 million, a figure that reflects non-ad revenue sources and highlights just how ad-dependent the platform is in this market.

Guessing in the dark

All this triangulation aside, the fundamental truth remains that YouTube does not break out its Indian numbers. “It’s like shooting in the dark,” says Batra, adding, “YouTube doesn’t reveal their numbers, and while ecommerce with creators is growing, it still pales in comparison to ad revenues.”

Programmatic inventory via DV360 and partners remains an important revenue stream. “It helps YouTube monetise remnant inventory, especially regional content,” says the veteran digital marketer. Masthead buys, meanwhile, command a premium price and are still popular for high-stakes launches and political campaigns.

“Shorts has firmly cemented itself as a core pillar, not just a sideshow,” says Vishnoi. “It complements traditional formats, rather than replacing them.”

e4m reached out to YouTube India for their comments, but is yet to get one.