Innovation Asset Blog

The importance of U.S. copyright industries

The copyright industries contributed $1 trillion to the U.S. GDP and accounted for 6.5 percent of the nation's economy in 2012, according to a new study by the International Intellectual Property Alliance. This is a new high for the economic contributions of these industries to the U.S. economy.

The study defined copyright industries as those "engaged in the creation and distribution of computer software, video games, books, newspapers, periodicals and journals, as well as motion pictures, music, radio and television programming," according to The Los Angeles Times.

These fields depend on copyright protection to create value from the works in question.

"This study represents a milestone," Steven J. Metalitz, counsel to the IIPA, told The Los Angeles Times. "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."

This report comes just before a congressional subcommittee hearing on copyright issues. Many hearings of the same nature will occur over the next several months. The U.S. is seeking to update copyright law to reflect changing realities in content distribution brought about by technological advances, and the IIPA wishes to ensure the value of copyrighted material is acknowledged in any changes made.

Peter Ackerman

Peter Ackerman

Founder & CEO, Innovation Asset Group, Inc.