Best & Worst Case Scenario

In conclusion, after going through the history, the ease of online democratization, monetary benefits, features and time related factors of YouTube, we can now talk about the best and worst case scenarios. Also, since this analysis of pros and cons will be reflecting back on previously mentioned stats and facts, there might be reiteration of information.



Best Part of YouTube: 

• It can literally take one from rags to riches: As we have seen in previous examples many common people became stars by making YouTube videos from their just rooms, without the necessity of expensive studio, camera and editing setup. The presence of an expensive setup is definitely beneficial, but many have become successful by using just a smartphone camera and a laptop for editing.  
• Failure is not too expensive: Even if one fails at their attempt, they are least likely to face any kind of financial damage. In other words, since one does not need money to start their YouTube career (excluding the cost of an expensive studio setup - because that is not mandatory), they don’t lose money if that potential career fails midway. This makes YouTube an amazing ‘startup’ option for young people (especially students) to try out. As we know, young people are mostly low to no income earners and are usually financially dependent on their parents/guardians. So, they would especially find it very difficult to arrange investments/capital if they were planning for any other type of startup, as almost all other startups require at least a minimum beginning capital.

Worst Case Scenario:

• One might not have enough viewers and subscribers and might fail at their dream of becoming a YouTuber. Essentially, the user would lose all the valuable time and energy that they invested, or in this case, "wasted" in this platform. So, their opportunity cost in this startup would only be the amount of time and energy that they spent for being committed to YouTube, and could have used in pursuing something else.

Citations:

Schofield, J. (2016, September 29). What sort of equipment do I need for making YouTube videos? Retrieved from https://www.theguardian.com/technology/askjack/2016/sep/29/what-sort-of-equipment-do-i-need-for-making-youtube-videos