The UK Creative and Digital Media Industry

The creative industries account for over eight per cent of UK GDP and are growing at twice the rate of the economy as a whole – averaging five per cent a year in recent years (NESTA). New strategic private actions and government interventions need to be put in place as a matter of urgency to be able to reach comparable levels of growth.

The UK Creative Industry needs to shift towards sustainable business models and innovation strategies. The major remaining challenges are thus to identify key actions and interventions that will foster the development of cluster and firm capabilities and to establish the enabling demand, economic, regulatory and organisational conditions that will foster the emergence of virtuous circles of innovation and growth within our clusters.

The rapid commoditisation of specialised knowledge and skills in the creative and digital media industries is aso one major factor affecting the profitability of local startups; e.g. NS 2.0. This is re-shaping the employment structure and lifecycles, hence affecting the sustainability of working relationships, business models and innovation strategies.

In your opinion, what are the concrete government interventions and public-private partnerships needed to promote sustainable innovation and support small business, as well as attracting investment and promoting cooperation within global innovation, production and commercialisation networks?

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