"Making Britain the best place in the world for the creative industries to thrive."
The government has recently pledged to increase its investment in the creative industries through a new Sector Deal.
Launched at the end of March, the Creative Industries Sector Deal is an agreement forged between the government and the Creative Industries Council (CIC), whereby they have crafted specific strategies in order to unlock growth in the increasingly important sector.
Pledging to invest £150 million across the lifecycle of creative businesses, the deal will see the creation of a Cultural Development Fund which will give cities and towns access to £20 million to invest in the creative and cultural industries. It also includes a £72 million ‘industrial strategy challenge fund’, of which £33 million will be invested in immersive technology products, services and experiences that will support innovative areas of technology such as virtual reality (VR).
The deal comes as the creative and cultural industries continue to boost economic growth in Britain. Commenting on the need for greater investment in the creative sector, Matt Hancock, Secretary of State for Digital, Culture, Media and Sport said: “Britain’s creative industries are an economic and cultural powerhouse and this ambitious deal will make sure they continue to thrive as we build a Britain fit for the future.”
Britain’s creative industries are worth £92 billion, employ 2 million people and are growing twice as fast as the rest of the economy, according to the government report. Over the last 5 years inward investment in Britain’s film and high-end TV industries has grown by more than 100% to over £2 billion production expenditure a year.
Hoping to double Britain’s share of the ‘global creative immersive content market’ by 2025, the expected worth of the market is estimated to be over £30bn by 2025 following this crucial deal.
This is, of course, fantastic news for businesses in the creative sector, especially education institutions that are already key players in keeping the creative industries thriving with new talent.
SAE Institute is one such example: a creative media education institution that delivers accelerated degrees and short course across a range of subjects including Audio, Animation, Film, Games, Music Business and Web. With an additional £1.5 million pledged by the Government to the UK Games Fund over the next 2 years, SAE’s Games Programming degree is set to be of increasing importance.
Saad Qureshi, Dean of SAE Institute UK commented:
“We welcome this Creative Sector deal which recognises the crucial role the creative industry plays in our economy. As an Institute we offer a wide spectrum of industry-focused creative media degrees and short courses from film production to animation. We are well-placed to support the government and sector ambitions outlined in the landmark deal. From hosting annual Global Game Jams to providing short courses and securing school partnerships, we are playing an important role in developing the next generation of creatives. We are meeting the skills challenge.”
Working with private institutions like SAE is a crucial element of the deal to meet the demand for more creative industry professionals to keep the sector thriving.
Greg Clark, Business Secretary comments: “To boost this innovation, we put the creative industries at the heart of our ambitious Industrial Strategy and this joint deal is a landmark moment for our relationship with this world-leading sector. By working together with universities and industry, and by investing £150 million, we will unlock growth across the UK.”
To find out more about the Sector Deal, click here.