Role of Showbiz in Economic Growth
The show business or showbiz has a huge control in the economy of any nation. The main reason behind this is their popularity among the public. Annual turnover in any showbiz happens to be in billions. Therefore, showbiz has not only a huge impact on the economy but also on the employment status as well. A recent study in Hollywood estimated that almost 422,300 jobs have been materialized out of the showbiz industry. An overall impact of $152.7 billion has also been recorded in the economic sector because of this industry.
A large number of local businesses are heavily dependent on the showbiz. These businesses include food, furniture, transport, etc. The job totals that have been reported in the study include all those positions, which are affected only by creative segments. The number would definitely increase when the non-creative segments are considered. It has been estimated that almost 120,444 numbers of individuals are employed in the music, TV or film section of the showbiz. This huge value is a well-deserved milestone in the employment sector of the US.
A recent survey stated that the tax revenue, which is generated in the state of California, is almost $1.77 billion. This huge amount definitely proves the importance of showbiz in the economic scenario of the nation. Showbiz has not only made its mark in the state revenue. It has also affected the local revenue largely as well. Nevertheless, the showbiz industry has shown a huge high to the economy of the nation.