Internet Sector Contributes $2.1 Trillion To US Economy, Industry Group Says

The rapidly growing internet sector accounted for $2.1 trillion of the U.S. economy in 2018, or about 10% of the nation's gross domestic product (GDP), an industry group said on Thursday. From a report: The Internet Association, a group representing Amazon.com, Facebook, Alphabet, Twitter, Uber and many other firms, released its estimate as the tech sector has come under increasing criticism, with some lawmakers calling for the breakup of major firms and renewed antitrust scrutiny. The study says the internet sector represents the fourth largest sector of the U.S. economy, behind real estate, government and manufacturing. Last year, manufacturing accounted for about $2.3 trillion in U.S. GDP. The study found that the internet sector has nearly 6 million direct jobs, which accounts for 4% of U.S. jobs, while U.S. internet firms spent $64 billion in capital expenditures. The study also found the internet sector indirectly supports another 13 million jobs.

Time to reconsider

[Ryzilynt]

that whole net neutrality thing , right?

But maybe if we kill the golden goose we can get MORE!

Like a pinata.

Bots and Paper Wealth

[DatbeDank]

How much of that are just bots stealing ad dollars?

How much of that is just bubble paper wealth?

If push came to shove, I'm willing to bet the value of the "internet" sector is as big as they'd like to believe.

Re:

[Errol backfiring]

Indeed. There is a huge difference between economy and finance, and that difference only gets bigger. So state the contribution in number of jobs, not in dollars.

Internet is so much bigger than Hollywood...

[sconeu]

Why does Congress pay more attention to the MAFIAA instead of tech?

Re:

[AHuxley]

Movies make politics look good.

America invested heavily into the internet

[WindBourne]

Now, we need to invest heavily into space along with nuclear and geothermal power.
Sadly, I see so little coming from Trump/Congress.

Re:

[rtb61]

That would be Reagan, Bush, Clinton, Bush, Obama, Trump congress and senate. They have been war industrial complex stooges and pigopolists stooges , for decades with corporate mainstream media, as owned by the war industrial complex and the pigopolists actively blocking all investment that does not generate corporate profits regardless of losses to the people, no number of deaths of nobodies count for anything, suffering smuffering, MOAR MONEY NOW.

If you only see it now, either you are quite young or blind

Re:

[WindBourne]

Sigh. Such foolishness.
Poppa Bush created the IFR and sped up nuclear licensing. He had done a great deal for Nukes.
Clinton allowed CONgress, namely the fucking dems, to kill IFR JUST BEFORE IT WAS READY in return for cutting other parts of gov. spending.
At the time, I hated it, but was willing to see that happen if we cut gov. spending, which we did.
Then we got W. He, like reagan, did little to nothing WRT to nuke power.

I had HIGH HIGH hopes on O for nuke energy. He had nuke industry backing him

Yawn

[ContentAdressableMem]

The internet is much more than the dollarized segment of the internet.

The WWW

[ContentAdressableMem]

The WWW is a large network of nodes, most of which can be servers. No need to be just stupid consumers of centralized systems such as those mentioned. No central control, that is what how the internet and the WWW was conceived.

Our industry is important !

[Admiral Krunch]

Said every industry group ever.

RIAA

[oh_my_080980980]

I seemed to remember the RIAA releasing a study on how much money the music industry loses due to pirating. I also remember that study was debunked.