The UK government has unveiled a £380 million investment to drive innovation, create jobs, and support the growth of the country’s creative industries. This funding forms part of the Creative Industries Sector Plan, which outlines a clear path to enhance the financial resilience and global competitiveness of creative sectors like film, TV, music, performing arts, video games, and advertising.
Key Highlights:
- Targeted Regional Investment:
- A £150 million Creative Places Growth Fund will be allocated to six regions outside London. This fund will empower local Mayors to support creative businesses through access to finance, mentoring, and networking, enabling them to connect with investors and skills programs.
- Research and Development Support:
- The government will invest £50 million to fund the creation of Creative Industries Clusters. These clusters will foster collaboration between universities, businesses, and policymakers to accelerate R&D in the creative sector.
- An additional £25 million will fund five UKRI CoSTAR R&D labs and two showcase spaces to support the development of new technologies for creative industries.
- Creative Content Exchange: The government will establish a Creative Content Exchange, a marketplace for buying, selling, and licensing digitised cultural and creative assets, aimed at generating new revenue streams for content owners.
- Skills and Apprenticeships:
- The government will invest £10 million in the National Film and Television School (NFTS) to train 2,000 new apprentices over the next decade. This initiative has the backing of major industry players like Walt Disney Company, Sky, and the Dana and Albert R. Broccoli Foundation.
- The £9 million Creative Careers Service will help young people access information about career pathways and opportunities in the creative sector.
- Sub-sector Growth:
- £75 million will support the Screen Growth Package, aimed at fostering the development of UK content and attracting international investment.
- A £30 million Music Growth Package will provide support for emerging artists, enhance grassroots venues, and create new touring, performance, and mentoring opportunities.
- A £30 million Video Games Growth Package will back video game start-ups and developers, as well as support the London Games Festival.
- Increased Export and Trade Support: The government will ramp up the number of creative trade missions and target markets such as the Asia-Pacific. Additionally, funding will be increased for key creative trade events like SXSW and Cannes Lions.
Government and Industry Reactions:
- Culture Secretary Lisa Nandy said:
- Our creative industries are powerful economic drivers in this country. By placing them at the heart of our Industrial Strategy this Sector Plan, backed by £380 million of investment, will boost regional growth, stimulate private investment, and create thousands more high-quality jobs.
- This Sector Plan will help nearly double business investment to £31 billion by 2035, supporting our mission to raise living standards everywhere as part of our Plan for Change, ensuring the UK remains the world’s creative powerhouse.
- Business and Trade Secretary Jonathan Reynolds said:
- The UK’s creative industries are world-leading and have a huge cultural impact globally, which is why we’re championing them at home and abroad as a key growth sector in our Modern Industrial Strategy.
- We’ve seen the power of investment, with this Government welcoming around £100 billion into the UK since taking office, and our Strategy will not only ensure that the UK is the best country to invest and do business in, but deliver economic growth that puts more money in people’s pockets.
- Sir Peter Bazalgette, Co-Chair, Creative Industries Council, said:
- This ambitious plan for growth represents a coming of age for the creative sector. Crucially the plans for R&D funding and Access to Finance for SMEs are exciting step changes.
- Baroness Shriti Vadera, co-chair of the Creative Industries Council, said:
- This strategy recognises that the UK Creative Industries are one of the most innovative sectors in the UK economy and have a strong comparative advantage internationally. The work now begins to cement their role as a driver of growth and a global creative super power.
Economic Impact:
The creative industries contribute £124 billion annually to the UK economy and employ 2.4 million people. Over the past decade, the sector has grown at more than 1.5 times the pace of the overall economy. The Creative Industries Sector Plan aims to nearly double business investment in the sector, growing it from £17 billion in 2020 to £31 billion by 2035.