MPAA: ‘Content industry key economy driver’
January 17, 2018
The American film and television industry continues to be a key driver of the US economy, adding high quality domestic jobs and paying out $49 billion (€40bn) to local businesses across the country, according to the most recent economic figures released by the Motion Picture Association of America (MPAA).
The US film and television industry supports 2.1 million jobs – up from two million the previous year. The total wages paid out by the industry also rose by $4 billion to reach $139 billion, with an average salary 42 per cent higher than the national average. Jobs directly related to the production and distribution of films and television shows also increased by 24,000 over the prior year – nearly reaching 700,000 jobs.
“While the awards season often focuses on glitz and glamour, it’s important to recognise that the impact of America’s film and television industry extends far beyond the red carpet,” said Charles Rivkin, Chairman and CEO of the MPAA. “This industry is one of the nation’s most powerful cultural and economic resources, supporting 2.1 million hard-working Americans in all 50 states and hundreds of thousands of local – mostly small – businesses.”
The rapid growth of creative content development and the industry’s digital transformation has bolstered the economic contributions. An estimated 454 original series aired in 2016, helping drive job creation and supporting local vendors.
Across the country, the number of businesses that make up the film and television industry rose by 5,000 to hit 93,000 – 87 per cent of which are small businesses that employ fewer than 10 people. In all, film and television supports 400,000 local businesses, with the industry making $49 billion in payments to these enterprises.
The US film and television industry is also a key player in markets around the world, with demand for creative content continuing to grow. The industry registers a positive balance of trade in nearly every country with $16.5 billion in exports worldwide.