Estimated Revenue Increased for Internet-Based Services, Lagged for Some Traditional Media

The last two decades bore witness to a marked explosion in information-sharing readily available at our fingertips via mobile devices and touchscreens. As a result, many industries in the Information sector have grown at a markedly rapid rate. The US Census Bureau's 2022 Service Annual Survey (SAS) estimates that revenue of employer firms in the Internet Publishing and Broadcasting and Web Search Portals industry soared 181.9% from $120.2 billion in 2015 to $338.7 billion in 2022. This industry, which includes firms that provide social media and video and audio streaming services, has been one of the Information sector's largest revenue contributors. Wired Telecommunications Carriers experienced a 29.6% drop in employer revenue generated through fixed local telephony services from 2015 to 2022, according to the SAS. Revenue of Cable and Other Subscription Programming, an industry comprised of companies like cable networks with studios and facilities for broadcasting programs, grew 12.6% from $82.1 billion in 2015 to $92.4 billion in 2022, according to SAS data.