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Business News (more headlines) 01-01-2015

Core Copyright Industries Add $1.1 Trillion To U.S. Economy, Employ 5.5 Million Workers

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A new report released reveals that core copyright industries in the U.S. generated over $1.1 trillion dollars of economic output in 2013, accounting for 6.71% of the entire economy. The study, Copyright Industries in the U.S. Economy: The 2014 Report, also details that the core copyright industries employed nearly 5.5 million workers in 2013, accounting for over 4% of the entire U.S. workforce, and nearly 5% of total private employment in the U.S. These workers earn on average 34% higher wages than other U.S. workers.

The study looks at the economic contribution of a wide array of industries that are principally responsible for the creation and distribution of copyright content that consumers enjoy every day including books, journals, music, movies, videogames, and software, among others The report also shows that the core copyright industries continue to outpace the rest of the U.S. economy. The core copyright industries grew at a rate of 3.9% between 2009 and 2013, while the U.S. economy grew by 2.25%. When factoring in other industries that contribute to the copyright economy (which together make up the "total" copyright industries), the numbers are even more impressive. Finally, the report highlights the positive contribution of selected copyright sectors to the U.S. overall trade balance. In 2013, these sectors contributed $156 billion in foreign sales and exports, exceeding that of many other industry sectors.

"Employing more than 5.5 million people, our creative industries contributed more than a trillion dollars to our economy last year. This is a significant portion of our GDP, none of which would be possible without strong copyright protections. As co-chair of the Congressional Creative Rights Caucus, I am so proud of the talented minds and innovative workers that produce arts and entertainment admired around the world. We need to continue working to guarantee the protections necessary to help this industry continue to thrive," said Congresswoman Judy Chu, co-chair of the Congressional Creative Rights Caucus.

Congressman Doug Collins, incoming co-chair of the Congressional Creative Rights Caucus, said, "Copyright is the foundation of innovation, and innovation is the force that drives our economy. This study confirms what creators know best, and what I'm committed to making sure Congress understands in the coming months."

"Year after year, the Copyright Industries in the U.S. Economy reports track the direct contribution of copyright to our nation's economic growth," added Steven J. Metalitz, International Intellectual Property Alliance.

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