According to the Department for Culture, Media & Sport the UK’s creative industries are now worth an incredible £71.4 billion a year, that equates to £8 million an hour!
Not only this, but in 2012 the creative industries created 1.68 million jobs, with a substantial growth of 10%. These statistics are impressive and show that this innovative sector is currently outperforming all other sectors in the UK. However, this significant increase and growth of the creative industries is not proportional to the government funding that the creative industries receive; last year they received £341.4 million, which may appear to be a large sum of money, but when it is spread over the whole of the creative industries, it does not go very far. This is emphasised by the fact that the creative industries can recoup this amount in just one 43-hour week, if the sector were to perform as it is currently. If the government were to invest a larger sum of money, there is potential to better the economy even more.
The Department for Culture, Media & Sport considers the following to be creative industries:
- Advertising and Marketing
- Design: Product, Graphic, Fashion Design
- Film, TV, Radio, Photography
- IT, software and computer services
- Museums, Galleries and Libraries
- Music, performing and visual arts
You would think that during the economic struggles that our country has faced in recent years, the creative industries would be in trouble. Yet, in times of need we have turned to the creative sector, perhaps in search of comfort, a sense of escapism, or simply a way to boost business opportunities due to the marketing potential of these various creative industries.
It needs to be noted that Creative industries aren’t just utilised through leisure time but also tourism, foreign business and technological advances giving creative industries a wider platform. We are seeing creative industries impact people’s day-to-day lives more so than any other industry.