Recent intelligence gathered by Artnet.com indicates that the Arts remain a significant component of the U.S. economy. According to the US Bureau of Economic Analysis and the National Endowment for the Arts, the sector contributed $763.6 billion to the US economy in 2015, with a 4.2 percent of the GDP (which is higher than agriculture, transportation and other sectors).
Unfortunately, due to the Covid-19 pandemic, these figures decreased between 2020 and 2023. The closing of American businesses saw a significant decrease in the operation of movie theaters, traditional stages, concerts, art galleries and other creative mediums displayed by both private and non-profit organizations.
It was a slow process, but these outlets were able to re-open over time. As of 2023, most businesses feel like they are back to normal. The pandemic has been contained and arts outlets have begun to skyrocket once again. However, there are still millions of people who are at home, waiting for their jobs to re-open, and the only forms of escapism that many of us have are the programs on television, music, and the internet of things (IOT) to assist with the difficult challenges of having to stay home. Also, some industries have decided that remote work may be a permanent solution going forward.