Copyright Industries a $122 Billion Driver to Australian Economy
Economic analysis from PwC has found the Copyright Industries is now the third largest sector, contributing $122 billion to the economy in 2016 and employing over one million Australians.
The PwC report released by the Australian Copyright Council (ACC) is the fifth report of its kind and provides analysis on the combined economic impact of Australia’s media, literature, screen, broadcast, advertising, music, theatre production, software, visual and graphic arts industries.
“Copyright-related GDP in Australia is higher than in other similar sized economies such as Singapore, Canada and the Netherlands”, said Kate Haddock, ACC Chair. “Copyright is sometimes treated as a side issue by policy makers, however this report demonstrates that in the digital age, copyright industries are a critical driver of the Australian economy.”
Copyright industries have bounced back from declines in 2008-11 and 2014 to be now the third most valuable industry to the Australian economy, behind Financial and Insurance Services and Construction but well ahead of manufacturing, education, retail, hospitality and agriculture.
“These figures show a growth trend which suggests that Australian copyright industries are successfully responding to disruptive market forces,” said Fiona Phillips, CEO of the ACC. “Although there has been some decline in areas of Copyright Industries, strong growth in software as well as music and theatrical productions has seen strong overall growth of the sector.”
The report showed that in the most recent year for which data was available (2016) copyright industries make a significant contribution to the Australian economy:
- Contributed $122.8 billion to the Australian economy. That is equivalent to 7.4 percent pf GDP making copyright the third largest industry in Australia.
- Employed over one million people (approximately 1, 022,000 people) which constituted 8.7 per cent of the Australian workforce.
- Australia’s copyright industries’ share of total exports was 2.7 per cent in 2016, and has been steadily increasing since 2012.
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