Internet 'ecosystem' is 3.7% of US economy: Study

WASHINGTON (AFP) - The advertising-supported Internet "ecosystem" generated US$530 billion (S$652 billion) last year and supported 5.1 million jobs in the United States (US), an industry study said on Monday.

The study released by the Interactive Advertising Bureau (IAB) said the economic value of online industries has roughly doubled since 2007.

Researchers from the Harvard University Business School commissioned by the IAB, said this amounted to 3.7 per cent of the US gross domestic product (GDP) last year, up from 2.1 per cent four years ago.

"The substantial economic impact of the Internet - through its evolution and dynamism - has been borne out by this study," said study author Mr John Deighton. "Once accessed only from large desktop machines that connected the office or home to the world, the Internet, thanks to mobile phones and tablets, has become ubiquitous."