Report: Broadcasting Fuels $1 Trillion-Plus in GDPLocal station reps will take info to Hill to make case for value of industry 2/24/2014 11:11:00 AM Eastern
The 500 or so broadcasters in town for the National Association of Broadcasters annual State Leadership Conference will come armed with some new stats on the value of local broadcasting.
According to a new study from Woods & Poole Economics and BIA Kelsey, local broadcasting, radio and TV, generates $1.24 trillion in GDP and 2.65 million jobs.
Broadcasters are trying to pitch Washington on the value of broadcasting even as the FCC and Obama Administration are encouraging TV broadcasters to give up spectrum for wireless broadband.
Broadcasting's biggest impact on the economy is from advertising. The study estimates local broadcast TV and radio ads generated $1.05 trillion in GDP, supporting 1.48 million jobs.
"Broadcast radio and television stations not only provide valuable local news, weather and public affairs programming to local communities, but also serve as a key driver for economic growth in America's hometowns," said NAB president Gordon Smith in a statement.
According to NAB, members will have state-by-state breakouts of that economic value that they can take with them on individual meetings with legislators.
The study also says broadcasting's economic impact will grow.