Britain’s creative industries break the £100bn barrier mark

Creative Industries | Latest News | South East
Red Dead Redemption 2 Credit: https://www.flickr.com/photos/bagogames/

The UK’s creative industries made a record contribution to the economy in 2017, smashing through the £100bn mark.

Its value of the creative industries to the UK is up from £94.8bn in 2016 to £101.5bn, and has grown at nearly twice the rate of the economy since 2010, according to figures published today by the Department for Digital, Media, Culture and Sport (DCMS).

Film, TV, radio, photography, music, advertising, museums, galleries and digital creative industries are all part of this thriving sector.

The increase has been driven in part by a boom in the computer services sub-sector which includes video games such as Batman Arkham made by London-based games company, Rocksteady Studios and Red Dead Redemption 2 produced by Scottish company, Rockstar Games. This sector alone is worth £5.11bn.

Secretary of State for Digital, Culture, Media and Sport Jeremy Wright said: “Our creative industries not only fly the flag for the best of British creativity at home and abroad but they are also at the heart of our economy. Today they have broken the £100bn mark and continue on a hugely positive upward trajectory, outperforming the wider UK economy and bringing joy and entertainment to millions.

“We’re doing all we can to support the sector’s talent and entrepreneurship as we build a Britain that is fit for future.”

The strength of the creative industries is matched by the UK’s world leading digital and tech sector, which has seen its contribution to the UK economy increase by 7.3% between 2016 and 2017 and by 32.9%since 2010. It is now worth more than £130bn.

It continues to perform highly and over the last two months British tech firms Monzo, Farfetch and Funding Circle have surpassed the $1 billion mark, meaning they are now so-called ‘unicorns’.

The Government continues to back the creative industries. Dedicated tax reliefs supporting high-end television and film productions such as Peaky Blinders and Darkest Hour have seen a boom worth £12.6bn since the schemes were introduced. There was also £1.38bn of inward investment in the film industry last year as a result of tax relief.

As part of the Government’s Industrial Strategy, nine new Creative Clusters across the UK have benefitted from £80m funding to boost innovation by part-funding research partnerships between universities and industry. They aim to increase the use of digital technologies to improve audience experience in the screen and performance industries, and shorten production times in the design industry.

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