Entertainment, Arts Add $504 Billion To GDP

by , Dec 6, 2013, 10:48 AM
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For the first time, a federal agency has estimated what entertainment, arts and advertising represent to the U.S. gross domestic product.

According to estimates from the U.S. Bureau of Economic Analysis and the National Endowment for the Arts, business generated by entertainment, arts, advertising services and culture contributed 3.2% of the total gross domestic product (GDP) -- or $504 billion -- in 2011.

The estimates include motion picture, TV/video production, advertising services, cable TV production and distribution, publishing and the performing arts.

Of that $504 billion, advertising services contributed the most -- at $199.6 billion, followed by arts education at $103.9 billion, cable production and distribution at $100.2 billion, motion picture business at $83.2 billion and performing arts at $48.9 billion.

Newspapers, books and periodicals came in at $41.5 billion, with radio and TV broadcasting services at $39.7 billion, and design and selected architectural services at $27.6 billion.

The study says that in 2011, six industries accounted for 45% of the growth in overall arts and culture versus previous periods: motion pictures, $46 billion; advertising services, $42 billion; cable TV production, $39 billion; TV/radio broadcasting, $34 billion; newspapers/publishing, $33 billion; and performing arts, $31 billion.

“With this new effort, we are now able to quantify the impact of arts and culture on GDP for the very first time. Better utilizing this type of knowledge and information is part of the Department of Commerce's 'Open for Business Agenda,' " stated U.S. Commerce Secretary Penny Pritzker, adding that it will "enhance decision-making, create more value, and better understand and grow our economy."

"People waiting in line for the movies" photo from Shutterstock.

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