At the TV Critics Association Winter Tour in Pasadena last week, cable networks and critics gathered not just to discuss the premieres of upcoming shows, but to also celebrate the stories and…
We're Doing Our Part to Grow the Economy
The internet and television industry has long supported and been responsible for the innovation, creativity, and expansion we’ve seen in the media and entertainment space in recent years, one which millions of consumers benefit from every day. But along with this, it’s also played a huge role in providing the economic vitality we’ve seen sprout across the country.
According to the latest study by Bortz Media and Sports Group, just released yesterday, the industry contributed more than 2.9 million jobs and $421 billion to the economy in 2016. The job growth the industry has experienced includes one million jobs added in the last 10 years, which comes out to at least 300 internet and television industry employees in each U.S. congressional district.
With more employees and investment being put into the internet’s infrastructure than ever before—the internet and television industry invested more than $250 billion in the past 20 years—it’s no wonder that broadband services are now faster, more reliable, and accessible to customers all over the map. More than 93 percent of U.S. homes have access to cable’s internet service, and people in all 50 states now enjoy average peak connection speeds over 50Mbps.
Premium television also experienced similar strides, thanks to networks that invested more than $38 billion in programming in 2016, a huge spike in the last 14 years. As a result, millions of viewers have enjoyed some of the most diverse, creative and original programming in history—at home or on the go.
“Whether its building the powerful broadband networks that are transforming our lives or creating the award-winning TV that is entertaining us, this industry continues to be one of the most significant contributors to our nation’s economy,” said Michael Powell, President & CEO of NCTA.
ISPs and premium TV networks also continued their commitment to charities and non-profit organizations. In 2016, the industry contributed over $1 billion in cash and in-kind donations.
For more on the internet and television’s overall economic impact, take a look at the results from the Bortz Report here.