moneycopyright
20 November 2013Copyright

Copyright adds $1 trillion to US economy, says report

Copyright industries added more than $1 trillion in value to the US economy last year, a report from the International Intellectual Property Alliance (IIPA) has revealed.

The figure is taken from a study into creative industries that highlights the economic impact of organisations which create, produce and distribute copyrighted material across platforms such as computer software, video games, movies, music and television. It was published on November 19.

The data, which was collected throughout 2012, shows that copyright revenues equated to almost 6.5 percent of the total GDP for the US last year.

Called the Copyright Industries in the US Economy: The 2013 Report, the study was prepared by Stephen Siwek of consulting firm Economists Incorporated, on behalf of the IIPA, and is based on data from the Bureau of Economic Analysis and other government agencies.

The IIPA is a private sector coalition of trade associations and represents more than 3,000 US copyright-based industries.

Steven Metalitz, the group’s senior vice president, said the figures represented a “milestone” for the US.

“In order to preserve and enhance jobs, exports and economic contributions, it is critical that we have strong legal protections for creativity and innovation in the US and abroad,” Metalitz said.

The study also found that copyright industries employed more than five million workers, who earned an average of 33 percent more than the rest of the US's workforce and accounted for $142 billion in foreign sales and exports.

Matt Loeb, international president of the international alliance of theatrical stage employees, moving picture technicians, artists and allied crafts, a trade group, said it was “crystal clear” that workers in the creative industries make a “huge contribution” to the US economy.

“It also underscores the urgent need to do more to build, strengthen and protect employment in this dynamic part of our nation’s economy,” Loeb added.

Metalitz said: “To foster continued growth … we need strong and modern copyright laws that take into account changes in technology and the continuing harm caused by copyright piracy.”

The report can be read here.

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