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Tuesday, 20. August 2019  

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Creative Industries Strategy

The UK is a world leader in culture and media, consistently in the top three achieving countries. Within the UK, the Creative Industries sector contributes over 6.4% of UK Gross Value Added and is growing at a faster rate than the economy as a whole. In 2007, total Creative Industries revenues amounted to some £67.5bn. The Publishing sub-sector is the largest, with Radio & TV and Advertising among the top performers.

Key features of the sector are:

  • It has many medium-sized, small and micro companies.
  • The few large media businesses frequently provide the route to market for many smaller entities.
  • There is a significant, publicly funded community including the BBC, Channel 4, theatre companies, museums and galleries.
  • Its players, many of whom are freelancers, are often able to react with agility to new opportunities.
  • The smaller companies do not frequently expand internationally.
  • Many businesses find it hard to keep up to date with changing technologies and economic conditions.

New technology presents significant threats as well as very exciting opportunities for UK creative industry businesses. As digital technologies have developed, businesses using traditional business models and linear value chains from the analogue age are increasingly finding themselves ill equipped to succeed.

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