Report stresses importance of media industry
Blighty’s creative industries, notably software, publishing and TV, are as important to the U.K. economy as the booming financial services sector, according to an economic think tank report commissioned by the government.
The Work Foundation report hails the U.K. creative economy as “a great unsung success story” generating $8.5 billion of “cultural goods” for export in 2002, the last year for which figures are available.
However, it warns that the creative industries’ economic importance could slow down without better targeted funding.
The survey, published Monday, estimates that the U.K.’s creative industries employ 1.8 million people, with broadcasting, software and publishing accounting for two-thirds of the coin generated.
Film, music and the performing arts were among the other categories identified as contributing to this sector.
“We need better understanding about the mechanisms through which creativity generates value — both within the creative in-dustries themselves and in the wider economy beyond,” said Work Foundation CEO Will Hutton.
“Staying Ahead: The Economic Performance of the U.K.’s Creative Industries” was commissioned by Blighty’s Department of Culture, Media and Sport.