The UK Pledges £150 million Investment Into Creative Sector

The UK Pledges £150 million Investment Into Creative Sector

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LONDON (CelebrityAccess) — The Creative Industries Council, a joint forum between the creative industries and the U.K. Government announced plans on Wednesday to make a substantial investment into businesses in the country’s creative sector.

As part of a Creative Industries Sector Deal, announced Wednesday by the Digital and Culture Secretary Matt Hancock, Business Secretary Greg Clark and Co-Chair of the CIC, Nicola Mendelsohn, more than £150 million is being jointly invested by Government and
industry to help foster growth for cultural and creative businesses across Britain.

The deal also includes a provision for a Cultural Development Fund, which will allow cities and towns to bid for a share of £20 million to invest in creative and cultural initiatives.

The investment in the creative sector is intended 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. As a part of their effort to leverage this expanding market, the UK Government is investing over £33 million in immersive technologies such as virtual reality video games, interactive art shows and augmented reality experiences in tourism.

Other commitments for the deal include:

● £72 million from the Industrial Strategy Challenge Fund with £39 million for the Arts and Humanities Research Council to support eight 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.

● £2 million to extend the ‘Get it Right’ campaign to tackle online piracy and educate consumers on the value of copyright and direct them to legitimate websites.

● A new free school based in Islington with places for 1000 students (16+) from across the capital. The London Screen Academy’s curriculum will include UAL Creative Diploma and A-levels and is set to open in Sept 2019.

● Improved access to finance from the British Business Bank for high-growth creative businesses outside of London, with up to £4 million to be invested in a new programme of investment readiness support for creative businesses.

● A new creative industries Trade and Investment Board, comprising industry and government, to replace the current Sector Advisory Group with the ambition of increasing creative industry exports by 50 per cent by 2023 and boosting the number of creative businesses exporting.

● New action to crackdown on copyright infringement. A landmark code of practice brokered by government and industry in 2017 reduced the prominence of illegal sites returned in search results. A series of roundtables between rights holders and platforms will consider the need for and develop a similar approach in relation to the online advertising industry, social media, and online marketplaces.

“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,” said Matt Hancock, Secretary of State for Digital, Culture, Media and Sport. “Our creative industries will help develop the talent of the future, ensure people are rightly rewarded for their creative content and give our firms the support they need to compete on the global stage. Millions of people around the world enjoy our worldclass artistic and cultural output and we want Britain to stay a frontrunner in these vibrant sectors.”

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