Study: Copyright Industry Worth $1.2 Trillion
A new report pegs the worth of America’s core copyright industries at $1.2 trillion — or 7% of the nation’s GDP — with more than 5.5 million U.S. workers.
The study, coming from the International Intellectual Property Alliance (IIPA) — which represents more than 3,200 companies — found that copyright companies, covering everything from TV, to movies, to books, account for nearly 4% of the nation’s workforce, with the average worker in the industry pulling in more than $93,000 a year, nearly 40% higher than the national average.
“Creativity ungirds the 21st century economy, and strong intellectual property rights ensure that our economy benefits from the innovation and pluck of American workers who bring many of our dreams to life,” said Rep. Doug Collins (R-Ga.), co-chair of the Congressional Creative Rights Caucus, in a statement. “Our nation’s founders, in their wisdom, placed intellectual property rights under the umbrella of our protected Constitutional rights. From the beginning, Congress has had the responsibility of upholding and strengthening those rights — which fuel American ingenuity — and I look forward to moving forward down that path.”
The report notes that between 2012-2015, copyright industries grew at an annual rate of 4.81%, compared to a growth rate of 2.11% for the U.S. economy as a whole during the same period. The report pegs sales of American copyright-protected products overseas hit $177 billion in 2015.
“IIPA is honored and pleased by the bipartisan support provided for the release of the 2016 Economic Contributions report,” Steven Metalitz, counsel to IIPA, said in a statement. “We are confident that the report will be of value to Members of Congress, to the new Administration, and to all those charged with developing copyright laws and policies. As the report demonstrates, these policies are of critical importance to our economy, to good American jobs, and to our global competitiveness.”
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