It generated $1.21 trillion for the U.S. economy in 2016, more than double its contribution in 2012, according to a new study by Harvard Business School’s John Deighton. The ad-supported internet is also responsible for 10.4 million jobs (7.3% of America’s total nonfarm employment). In California, Texas, and New York alone, the internet economy has created about a million jobs. Even more stunning, its growth rate of employment was 19.6% from 2012 to 2016, which far outpaces the 1.8% rate of annual growth for total nonfarm employment, per the study, which was commissioned by the Interactive Advertising Bureau.
The biggest driver of new internet traffic? Online video, of course, which is estimated to have generated $6.35 billion in 2016 and created 38,796 jobs.