Broadcast Bonanza: TV, Radio Boost GDP, Jobs
A new study showing how local broadcasting is a boost to the U.S. economy is impacted by governmental discussions of TV and radio spectrum allocations.
The economic analysis says local radio and television broadcasting -- direct and supporting businesses -- contribute $1.17 trillion to the U.S. gross domestic product, with 2.52 million jobs.
The study comes from Washington, D.C.-based Woods & Poole Economics and media researcher/consultant BIA/Kelsey. It was commissioned by the National Association of Broadcasters.
"Decision-makers now debating spectrum policies need to be cognizant of the millions of people and thousands of businesses reliant on the unparalleled impact of local TV and radio for economic survival," stated Gordon Smith, president and CEO of the NAB.
Some 300,000 jobs are directly connected to the local broadcast industry, amounting to $59.32 billion in GDP annually. Television accounts for a little more than half: 187,000 of these jobs. Television itself contributes over $30 billion to gross domestic product. Radio employs 118,000 people and contributes a little over $18 billion to the GDP.
The analysis estimates residual effects on non-broadcast businesses -- advertising on local broadcast television and radio stations -- adds more than $986 billion in economic activity and supports 1.38 million jobs.