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New Study Reveals Rapid Growth and Job Creation in the Internet Economy, Fueling the U.S. Economy Over the Last Four Years
NEW YORK – October 19, 2021 - A groundbreaking study conducted by the Interactive Advertising Bureau IAB alongside a Harvard Business School researcher highlights the transformative impact of the internet on the American economy. The report indicates that the internet sector has grown seven times faster than the overall U.S. economy over the past four years, now contributing 12 to the gross domestic product GDP.
The study detls an astonishing expansion, with the internet's contribution to GDP increasing by 22 annually since 2016 - surpassing the national growth rate of two to three percent per year. In 2020 alone, this digital sector added $2.45 trillion to the U.S.'s total GDP of $21.18 trillion. Since IAB began measuring internet economic impact in 2008, its contribution has grown eightfold from $300 billion to a present-day value of $2.45 trillion.
Key findings from this study include:
? The internet economy is responsible for the generation of over 17 million jobs in the United States, which represents an increase of more than seven million jobs compared to four years ago.
? A significant portion 38 of these new internet jobs were created by small firms and self-employed individuals, outnumbering large internet companies that 34 of job creation.
? The online creator economy supports about 200,000 full-time equivalent positions, nearly matching the combined memberships of key industry unions such as SAG-AFTRA 160,000, American Federation of Musicians 80,000, Writer's Guild 24,000, and Authors Guild 9,000.
? The impact is widespread across all regions of the U.S., with seven congressional districts contributing at least 10 of their residents to internet-based employment. These districts account for approximately 9 of total U.S. internet employment.
? The remning 91 of jobs are distributed among 425 congressional districts, illustrating a significant presence across all parts of the country.
? Additionally, it is noteworthy that 272 of these districts have over 10,000 internet-depent jobs.
Dr. John Deighton, Harold M. Brierley Professor at Harvard Business School and study co-author, commented: Our findings underscore the profound economic impact of digital innovation on job creation and regional economies across America.
IAB Chief Executive Officer, Mary-Beth Quirk sd: This report highlights the immense value created by the internet economy for both individuals and communities across the United States. It is clear that the digital sector has been a cornerstone in driving economic growth over recent years.
The study also discusses the challenges facing the industry as it looks to sustn its high-growth trajectory, including potential regulatory changes, cybersecurity threats, and evolving consumer expectations.
For media inquiries, please contact:
Lindsay Walters
Senior Vice President, Edelman
Phone: 202.867.8014
Eml: [email protected]
IAB empowers the media and marketing industries to thrive in the digital economy through various initiatives including research on interactive advertising, education for brands, agencies, and policymakers on the significance of digital marketing, and advocacy efforts in Washington D.C., representing member interests.
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Internet Economy Seven Times Larger Growth Rate U.S. GDP Contribution by Internet Sector New Jobs Created in Online Creator Economy Internet Employment Across Congressional Districts Challenges Faced by Digital Innovation Industry IABs Impact on Media and Marketing Industries