Copyright Industries Add $1 Trillion to U.S. Economy in 2012

In a recent study released by the Intellectual Property Alliance, it has been revealed those employed in the copyright industries have contributed more than $1 trillion to the gross domestic product for 2012. The same individuals also account for 6.5% of the nation’s economy.

Industries such as film, music, video games, books, software, newspapers, radio and television programming are responsible for the significant increase. The amount is up from $965 billion in 2011 and $885 billion in 2009.

“This study represents a milestone,” said Steven J. Metalitz, counsel to the International Intellectual Property Alliance. “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.”

The study is being released ahead of several congressional subcommittee hearings on copyright issues that are slated for discussion in Washington in the coming months.

“The U.S. copyright industries have consistently outperformed the rest of the U.S. economy, in terms of their real annual growth rates and their contributions to the overall growth of the U.S. economy as a whole,” the study states.

In specific, computer software, motion pictures, television and video games helped bring in $142 billion in foreign sales and exports in 2012. This number out performs areas such as agriculture, food, aerospace and pharmaceuticals.