U.K.’s Creative Industries Valued at $119.5 Billion

LONDON: The U.K.’s creative industries are now worth a record £84.1 billion ($119.5 billion) to the country’s economy, according to new government figures, which point to 2016 as being another blockbuster year for the music, film, video games, TV and publishing sectors.

The figures show the sector growing at almost twice the rate of the wider U.K. economy, generating £9.6 million ($13.7 million) per hour. The gross value added (GVA) for the creative industries has grown for four years running. GVA of the creative industries increased by 8.9 percent between 2013 and 2014. This compares to 4.6 percent for the whole of the U.K.

Between 2013 and 2014, the GVA of film, TV, video, radio and photography increased by 13.8 percent, driven by recent growth in production and distribution in media, and by television programming and broadcasting activities. It had previously decreased by 3.0 percent between 2012 and 2013, and 2.0 percent in the year prior to that, driven by a fall in the GVA of television programming and broadcasting activities.

Minister for Culture Ed Vaizey said: “The creative industries are one of the U.K.’s greatest success stories, with British musicians, artists, fashion brands and films immediately recognizable in nations across the globe. Growing at almost twice the rate of the wider economy and worth a staggering £84 billion a year, our creative industries are well and truly thriving and we are determined to ensure its continued growth and success.”