Creative industries generate £8m per hour
15/01/2014News by Paul Banks

The Knowledge News
Creative industries generate £8m per hour
15/01/2014News by Paul Banks
moneyBy the time you left home this morning, got into work and started sifting through your emails, chances are the creative industries would have generated £8m for the UK economy.

Statistics revealed today (Wed 16 January) by the department for media, culture and sport, show that the economic benefit of the joined creative industries - which include the film, TV and music sectors - increased by almost 10% in 2012, outperforming all other main UK industry sectors.

The report comes ahead of tomorrow night’s speech from secretary of state for media, culture and sport, Maria Miller, in which she is expected to announce 2014 as the Year of the Creative Industry.

Increased employment opportunities

Employment in the creative sector has seen a rise – between 2011 and 2012, it grew by 8.6%, which is significantly higher than the UK economy as whole (0.7%).

Results show that the creative industry, which is worth £71.4bn per year to the UK economy, accounted for 1.68 million jobs last year, no fewer than 5.6% of the total number of jobs in the UK.

Film, TV, video, radio and photography was the group which had the largest percentage increase in employment, an extra 34,000 jobs were created between 2011 and 2012.

The jobs breakdown for this particular sector - which totals 266,000 jobs - is as follows:

- Support jobs: 92,000
- Creative jobs: 146,000
- Creative jobs outside of the creative industries: 28,000

With attractive film tax incentives already in place, along with the TV high-end tax relief and a boom in regional production activity, it’s evident that industry is looking pretty healthy.

So if you work in the film, TV, video or any other creative sector, then give yourself a big pat on the back – and next time you get into a debate down the pub with your friend about whose job is the most worthy, make sure you have these stats to hand...

£8m per hour is only £2.9bn per year. In UK economy terms, that's chicken feed.

Chicken feed being 6% according to the CBI. http://www.cbi.org.uk/business-issues/creative-industries/in-focus/

£8m per hour is only £2.9bn per year. In UK economy terms, that's chicken feed.

Erm...
£8m an hour = £192m a day = £70,080m a year

I'm not sure that many of the creative industries operate 24 hours a day. I did get a decimal place wrong though, my assumption should have been £29.2bn, not £2.92bn.

Results show that the creative industry, which is worth £71.4bn per year to the UK economy