Economy

United Kingdom creative industries 'could be worth £128.4 billion by 2025'

United Kingdom creative industries 'could be worth £128.4 billion by 2025'”

We use cookies to improve your browsing experience. It contributed £87.4 billion ($118.1 billion) in GVA (gross value added) in 2015, 5.3 percent of the United Kingdom economy.

It notes the valuable input of those trade bodies - namely Ukie and TIGA - in raising understanding of the sector, and also notes the recent BGI proposal to promote British games and deliver support.

Building the pipeline of talent to supply the creative workforce is crucial to ensure the continued success of the sector - the fastest growing of the United Kingdom economy worth £87bn. Between 2011 and 2015, employment in the sector increased by 19.5 percent (around 300,000 jobs) compared to 6.3 percent average across the wider U.K. The sector is also a net exporter of services-£11.1 billion ($15 billion) surplus in 2014.

Speaking more widely on screen industries it says: 'Businesses in these industries are highly mobile and there is fierce worldwide competition for their work.

On the recommended increase of funding, the report said: "Whilst the industry benefits from the Video Games Tax Relief, the dedicated public funding is far lower than for TV or film".

However, he said there are key challenges to ensure the future health of the TV production sector, with a lack of modern studio space and skilled crews potentially leading to investment going to territories including North America and Eastern Europe.

The headline statement was that the report supported calls for an extended UK games fund and recommends that the 'Government should invest £23.7 million over five years to extend the highly successful and innovative UK Games Fund and Transfuser graduate development programme'. This would be awarded to clusters that compete for status and support on merit to be a "Key Creative Cluster". "In response the Government has already announced the opening of the £80 million Creative Industries Clusters Programme competition, led by the Arts and Humanities Research Council (AHRC)".

He also suggested the creative industries could collectively be worth £128.4 billion to the United Kingdom economy by 2025, up from a current value of around £90bn. Half of the funding will come from the government's Industrial Strategy Challenge Fund, with the rest to come from industry.

"In every scenario the Creative Industries are set to be of central importance to the UK's future success", Sir Peter said.

"We have two great assets: the English language and our creativity, but the skills and business models of this sector are of increasing importance".

The review's recommendations will now be considered by the Government as part of its Industrial Strategy and used to inform work towards a sector deal in the coming months.

The next section of the government's Industrial Strategy has been unveiled, this time with the spotlight on the creative industries.

Karen Bradley called the industry a "powerhouse" and committed to working to creating a partnership between the government and the sector.

"The key challenge now is turning these ideas into a strong partnership, which is credible and has buy-in from both government and industry".

Today saw the publishing of the much-awaited Independent Review of the Creative Industries (IRCI), which the Department for Digital, Culture, Media & Sport (DCMS) commissioned out of the Industrial Strategy paper earlier this year. "Global revenues for video games software and hardware are forecast to be $150bn in 2017 and to reach some $200bn by 2021, with a compound annual growth rate of 7.9%.88 Supporting the games industry in the United Kingdom means investing in future skills, techniques and technologies such as simulation and modelling, as well as data analytics that can accelerate innovation in sectors far beyond the entertainment sphere".



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