New figures from the Department for Digital, Culture, Media and Sport (DCMS) show bumper growth in Britain’s film, TV, music and advertising industries.
The UK’s creative industries made a record contribution to the economy in 2017, smashing through the £100 billion mark. The value of the creative industries to the UK is up from £94.8 billion in 2016 to £101.5 billion, and has grown at nearly twice the rate of the economy since 2010. Film, TV, radio, photography, music, advertising, museums, galleries and digital creative industries are all part of this thriving sector.
DCMS sectors’ contribution to the UK economy overall continues to rise, with GVA at £267.7 billion in 2017, up 3.4 per cent year-on-year. DCMS sectors now account for 14.6 per cent of the UK’s GVA.
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 £100 billion 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.”
Dedicated government tax reliefs supporting high-end television and film productions such as Peaky Blinders and Darkest Hour have seen a boom worth £12.6 billion since the schemes were introduced. There was also £1.38 billion of inward investment in the film industry last year as a result of tax relief.
As we reported earlier this month, as part of the Government’s Industrial Strategy, nine new Creative Clusters across the UK have benefitted from £80 million 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.
Find out more about the latest figures from DCMS here.