Industrial Strategy Creative Industries Sector Deal
Britain’s creative industries are worth £92 billion, employ 2 million people and are growing twice as fast as the rest of the economy. Strong leadership, collaborative action and recognition of recommendations in the Bazalgette Review for creative industries to underpin future prosperity has resulted in the sector being recognised for a sector deal.
Britain’s world-leading creative industries are set to consolidate the country’s position as a global creative powerhouse, following a new Industrial Strategy deal agreed between government and the Creative Industries Council (CIC) on behalf of the sector.
More than £150 million will be jointly invested by government and industry to help the country’s world-leading cultural and creative businesses thrive as part of landmark Sector Deal.
New Cultural Development Fund will see cities and towns have access to £20 million to invest in culture and creative industries.
Plans to nurture and develop the next generation of creatives include industry-led careers programme and a new London Screen Academy.
The Sector Deal aims to double Britain’s share of the global creative immersive content market by 2025, which is expected to be worth over £30 billion by 2025. To seize on the opportunity of this expanding market, government is investing over £33 million in immersive technologies such as virtual reality video games, interactive art shows and augmented reality experiences in tourism.
The commitments include:
£72 million from the Industrial Strategy Challenge Fund with £39 million for the Arts and Humanities Research Council to support 8 creative research and development partnerships across Britain and £33 million to invest in immersive technology products, services and experiences. This will support new uses of virtual reality in areas like video games, interactive art shows and augmented reality experiences in tourism that will capture the world’s attention and double Britain’s share of the global creative immersive content market by 2025.
This is good news for the sector but the direct benefits that will affect higher education will require further unpacking.