Music Australia News

Australia’s Copyright Industries now 4th biggest in economy

Chris Bowen
| April 28, 2015

The Australian Copyright Council (ACC) released their fourth report on the Economic Contribution of Australian Copyright Industries 2002-2014. Commissioned from PwC the report showed that copyright industries are a significant contributor to the Australian economy. These industries employ over 1 million people, some 8.7% of the workforce, and deliver economic value of $111.4 billion per annum, some 8.7 percent of thee workforce.

Since the last study in 2011, copyright industries have moved from the 7th biggest industry in the Australian economy to the 4th biggest.

Fiona Phillips, Executive Director of the ACC observed that:

“In this changing and challenging environment it is good to see copyright industries continuing to make an important contribution to Australian cultural and economic prosperity.”

The broader contribution these industries make to the country was noted by ACC Chair, Professor Michael Fraser AM:

“It is important to appreciate that while the focus of this report is on the economic activity which relies on the institutional support provided by copyright law, there are a range of cultural and social benefits that flow from the creation of copyright protected material that are not captured in the reported figures. Original and distinctive creative expression in the arts, games and beyond in new fields of creativity are an important part of Australian life.”

The report also shows that copyright industries generated just over $4.8 billion in exports, equal to 1.8 per cent of total exports. However the relative value of copyright exports has declined as a proportion of total exports in recent years, and Australia remains a substantial cultural importer.

The report is available at the Australian Copyright Council website.

 

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