The UK’s creative industries are now worth a record £84.1 billion to the UK economy each year, or almost £10 million an hour, the latest report on the sector’s Gross Valued Added (GVA) – the most meaningful measure of economic worth – has revealed.
And over the past five years, British films, music, marketing, IT and publishing – as a group – have grown faster than even the financial services sector.
The figures produced by the Department for Culture Media and Sport show the sector growing at almost twice the rate of the wider UK economy – generating £9.6million per hour.
The figures continue a long term trend. Between 1997 and 2014 (the latest figures are for 2014) GVA of the creative industries increased by 6 per cent each year compared to 4.3 per cent for the UK economy.
Separate figures released last year showed the number of jobs in the sector (including both
creative and support jobs), increased by 5.5 per cent between 2013 and 2014 to 1.8 million.
The biggest creative sector was IT and software, with a GVA of £36.5bn. This was followed by Advertising and marketing (£13.35bn) and Film, TV and video (£10.8bn). A regional comparison of the figures has not been published.
Minister for Culture Ed Vaizey welcomed the report saying it demonstrated that the creative industries “are one of the UK’s greatest success stories”.
“Our creative industries are well and truly thriving and we are determined to ensure its continued growth and success.”
The full reports can be seen here.