By Amy TaitAPEX: With its popularity soaring, the entertainment sector is a major driver of economic growth in the United States, a new report finds.
But the entertainment business is not only a boon for the country, it’s a lucrative business, says the latest economic study from the Center for Media and Democracy, a Washington, D.C.-based advocacy group.
It is “a vital engine of economic prosperity for millions of Americans,” the group says.
It says the entertainment market is one of the fastest-growing sectors of the economy, with sales in the sector growing 13.7% in 2016, outpacing all other industries and outpacing other industries in terms of revenue and total annual revenue.
The sector is also the second largest in terms a total gross domestic product, behind only the retail industry, and the third largest in dollars, behind the health and education sectors.
Hollywood is no exception.
The film industry accounted for more than $3.5 trillion in 2016.
That figure includes $2.7 trillion in box office revenue.
In total, the industry brought in $4.1 trillion in revenue last year.
The industry has also helped generate jobs for millions, with the number of U.S. jobs in entertainment industry jobs nearly doubling since 2000.
The entertainment sector’s contribution to the U.K. economy in 2016 alone was $1.2 trillion, with film accounting for nearly half of that.
The entertainment industry’s rise is a direct result of the changing cultural landscape, which includes social media and streaming.
These trends have led to a growing number of movies being released on Netflix, Amazon Prime Video, and Hulu Plus, and a corresponding rise in viewing habits.
These new viewing habits have been driving a rise in revenue for the entertainment companies, and they are also driving new growth for the film industry.