According to a study released this week by the International Intellectual Property
Alliance (IIPA), copyright-based industries added an unprecedented $1 trillion
to the U.S. economy in 2012, accounting for 6.5% of the total economy. The copyright-based
sector of the economy also grew faster than the national economy from 2009 –
2012 at a rate of 4.73% compared to a rate of 2.14% for the rest of the
national economy. Nearly 5.4 million people are employed in copyright-based
industries, and those employees generally make 33% more than the average annual
wage. The main industries that are part of the core copyright industry include
computer software, videogames, books, newspapers, periodicals, journals, motion
pictures, music, radio, and TV broadcasting.
These impressive
statistics indicate the importance of continuing to provide support and
incentives in the core copyright-based industries. To do so, it is crucial that
copyright law strikes the right balance between protecting property rights and fostering
creation. Proper and enforceable intellectual property protection is
indispensible to promoting and maintaining a vibrant copyright-driven sector,
and a healthy digital age economy as a whole. The author who conducted the
study for IIPA, Steven Metalitz of Economists, Inc. stated, “to foster
continued growth of this dynamic sector, we need strong and modern copyright
laws that take into account changes in technology and the continuing harm
caused by copyright piracy, especially as legitimate digital distributors
continue to emerge.”
For more on the proper
approach to intellectual property protection in a digital age economy, see the
series of Perspectives from FSF Scholars
by Free State Foundation President Randolph May and Research Fellow Seth
Cooper:
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