Report: Copyrights Contributed $1 Trillion to Economy19 Nov, 2013 By: Chris Tribbey
American copyright industries lead all other industries in terms of contribution to the economy, with more than $1 trillion in value added in 2012, or nearly 6.5% of the nation’s gross domestic product, according to a report from the International Intellectual Property Alliance (IIPA).
The report covers all contributions from U.S. industries creating, producing, distributing and broadcasting copyright materials, including video content, computer software, video games, books, newspapers, music, and radio and TV programming. In other key findings for 2012, the study concluded the following about the core copyright industries:
Those industries employed more than 11.1 million workers, or 10% of the private employment sector, with jobs paying an average of 18% more ($75,926) than the rest of the American workforce. Industries reliant on copyrights accounted for $142 billion in foreign sales and exports, more than aerospace, agriculture, food, and pharmaceuticals and medicines.
“This study represents a milestone as the U.S. copyright industries now contribute more than $1 trillion value added to the U.S. GDP and 5.4 million direct jobs,” said IIPA’s Steven J. Metalitz. “In order to preserve and enhance jobs, exports and economic contributions, it is critical that we have strong legal protections for U.S. creativity and innovation in the U.S. and abroad.”
Rep. Judy Chu, D-Calif., co-chair of the Congressional Creative Rights Caucus, added: “This study demonstrates that not only do U.S. copyright industries develop the creative works that inspire and entertain so many, they also provide high-paying jobs and spur economic activity, consistently contributing to a trade surplus and adding substantial value to our GDP. This is why we must preserve and protect the works of our creative industry, so they can continue to drive economic growth and innovation with a uniquely American product."