Monday, December 16, 2013

Copyrights Generate More Than $1 Trillion

The International Intellectual Property Alliance released a report in November analyzing the contribution of intellectual copyrights to the U.S. economy. Last year copyrights for music, games, books, newspapers, videos, software and other creative products generated more than $1 trillion. Foreign sales of creative products were more than double those of pharmaceuticals or agriculture.

What does this mean? In part, the rapid growth of copyrighted material is a reflection of the Information Age. But, it also indicates the value people place, not just on knowledge, but on entertainment. A large chunk of the copyright industry relies on the sale and distribution of copyright-protected movies, games, music, and radio and television programming.

Those of us who write books are in there somewhere.

The report’s key findings:

• Copyright Industries Contribute Significantly to US Gross Domestic Product (GDP)

In 2012, the value added by the core copyright industries to US GDP exceeded $1 trillion for the first time, accounting for nearly 6.5% of the US economy

The value added by the total copyright industries to GDP exceeded $1.7 trillion, accounting for 11.25% of the US economy. (Total copyright industries include those which are "partial copyright," "non-dedicated support" and "interdependent industries.")

• Copyright Industries Employ Millions of Workers in Good Paying Jobs

The core copyright industries employed nearly 5.4 million workers in 2012, accounting for 4% of the entire US workforce, and 4.8% of total private employment in the US

The annual 2012 compensation paid to core copyright workers - $85,644 - far exceeds the average annual compensation paid to all US workers ($64,594), amounting to a 33% "compensation premium" over the average US annual wage

The total copyright industries employed more than 11.1 million workers in 2012, accounting for 8.35% of all US employment, or 10% (9.99%) of all private employment nationally. The average annual compensation paid to employees of the total copyright industries in 2012, $75,926, exceeds the US average annual wage by 18%

• Copyright Industries' Real Growth Rates Outpace the Rest of the US Economy

During the period 2009-2012, the core copyright industries grew at an aggregate annual rate of 4.7%, more than twice as much as the entire US economy. The average annual growth rate of the entire US economy over the same period was only 2.1%

During the same period, the total copyright industries grew at an annual rate of 4.99%

• Copyright Industries Contribute Significantly to Foreign Sales and Exports, Outperforming Many Major US Industry Sectors

Sales of select US copyright sectors in overseas markets amounted to $142 billion in 2012, a significant increase over previous years

As a comparison, the foreign sales of select copyright industry sectors exceed foreign sales of other major US industries including aerospace exports ($106 billion), US agricultural exports ($70.1 billion), food ($64.7 billion) and pharmaceuticals and medicines ($50.9 billion).

Read the full article HERE.

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