Washington – New research conducted by Mike Masnick and Leigh Beadon of the Copia Institute and commissioned by the CCIA Research Center demonstrates significant growth in the music, film, gaming, and other entertainment industries – largely thanks to the internet. Despite the COVID-19 pandemic limiting in-person entertainment like movie theaters and live musical performances in 2020-2021, consumers and creators alike are shown to be thriving within the entertainment economy, with tech-fueled growth expected to continue into 2024 and beyond.
The report counters the decades-long narrative that the internet poses a threat to the entertainment industries, with data showing that average annual U.S. consumer expenditure on entertainment has increased dramatically since the year 2000. For example, the global movie industry brought in a record $99.7 billion in revenue in 2021 despite the COVID-19 pandemic’s hit on theater revenues.
Broader conclusions point to the internet’s role in the economic growth of the entertainment industry as “the single largest driver of success, not just for those industries but for creativity as a whole.”
The Computer & Communications Industry Association has advocated for tech policy that advances innovation and grows the U.S. economy for over 50 years.
The following can be attributed to CCIA Chief Economist & Research Center Director Trevor Wagener:
“Entertainment industries like music, film, gaming, literature, podcasting and more have been propelled to new heights by the internet and the tools it supports. In order to empower both creators and consumers of creative content as well as the global economy, policy should support, not impede digital innovation in entertainment.”
About CCIA:
CCIA is an international, not-for-profit trade association representing a broad cross section of communications and technology firms. For more than 50 years, CCIA has promoted open markets, open systems, and open networks. CCIA members employ more than 1.6 million workers, invest more than $100 billion in research and development, and contribute trillions of dollars in productivity to the global economy.