Wednesday 28 November 2018 4:37 pm

UK creative industries smash £100bn barrier amid video game boom


Reporter covering media, telecoms and marketing. Get in touch at james.warrington@cityam.com

Reporter covering media, telecoms and marketing. Get in touch at james.warrington@cityam.com

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Britain’s creative industries contributed a record-breaking £101.5bn to the UK economy last year, new figures have revealed.

Figures published by the Department for Digital, Culture, Media and Sport (DCMS) show Britain’s film, music and advertising industries grew almost twice as quickly as the UK economy in 2017.

Since 2010 gross value added (GVA) from the creative industries has soared by over 53 per cent and now accounts for 5.5 per cent of the country’s total GVA.

Jeremy Wright, secretary of state for DCMS, 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.

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

The DCMS pointed to the UK’s thriving video game industry as a driving force behind the growth.

London-based Rocksteady Studios and Edinburgh firm Rockstar Games are two of the leading UK companies in the sector, which is worth over £5bn.

Alan Bishop, chief executive of the Creative Industries Federation, said: “Today's statistics only emphasise what we already know – that the creative industries are absolutely central to the health of the UK's economy.

“It is vital, then, that government ensure that the sector is properly supported, in order to enable the incredible success story that is the creative industries to grow even further.”

The UK’s tech industry is also enjoying a continued boom, contributing more than £130bn to the economy.


Over the last two months British tech firms Monzo, Farfetch and Funding circle have been valued at over $1bn (£782m), achieving ‘unicorn’ status.

 

 

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