Thank you JesusGreen! You're entire answer was very helpful. I did notice a lot of larger YouTubers were talking about the algorithm changes and how that is negatively affecting them. What are these changes? In what ways does it make it easier for a smaller channel to grow?
Well for one YouTube is pushing videos harder on the home page. If you look at someone's analytics from like 2015-early 2016 you'll see most of their views likely come from search and related videos. After the algorithm change, the highest number of views have started coming from "Browse Features" - specifically, the home page. When YouTube actively pushes a video on the home page it can get 10-20x as many views in an hour/day as it would get from being even #1 in search for a highly searched term.
For example, my most popular video, one of my lucid dreaming videos, typically gets 80-140 views an hour in total when it's not being recommended. All the times that it's popped up on peoples home pages though this amount of views shoots up ridiculously. Recently it's been as high as over 1000 views per hour. On the old algorithm that simply didn't happen. The only way you would likely see that much traffic was if you had a huge subscriber base, if the search term you ranked for was REALLY highly trafficked, or if you were advertising your video externally.
The other thing about this is these are typically high quality views with a high watch time, because YouTube only suggests your videos to people who seem to like similar content - which causes your entire channel to benefit and start ranking better in search/suggested - and can cause your other videos to start popping up on the home page too. It can really make your channel take off.
I'll show you a picture of my views chart since I started YouTube:
Ok so those other lines I drew on it.
The parts of the chart that I underlined in red = my videos aren't being recommended on the home page, and are just accumulating views from search, etc.
The sections I underlined in green = when my videos are being recommended on the home page.
The blue vertical line = roughly when the algorithm changed IIRC.
Also another reason the changes help smaller channels is because from what I've heard the algorithm cares a lot more about the views/watch time you're getting in relation to your subscriber base size. i.e. if you have a small subscriber base, you only need a small number of subscribers to watch your videos to rank well - vs someone with 10M subscribers, needs to be getting like 500k+ views on their videos in the first day or two or they'll rank poorly.