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UK music artists could double US album sales by 2025 – CBI
New growth strategy outlined for the UK’s world-beating creative industries
As the Brit Award nominations are unveiled, the CBI believes UK music artists could double their share of US album sales by 2025 with the right support, helping to boost the economy and jobs.
Launching a new strategy for creative industries – The Creative Nation – the UK’s leading business group outlines how the Government and industry can work together to help this sector build on its current success. Creative industries, including film makers, video game developers and fashion designers, already make a vital contribution to the UK economy, accounting for £36 billion in Gross Value Added (GVA) and around 1.5 million jobs.
Among the steps the CBI is calling for are action to protect intellectual property and a European Commission backed tax credit for video games.
Katja Hall, CBI Chief Policy Director, said:
“The UK’s creative industries are already world-beaters and make a huge contribution to our economy. Now we need to build on this potential to help them achieve even greater global success.
“Artists like Adele and One Direction are renowned across the globe, and we believe the UK music industry has the potential to double its share of US album sales by 2025.
“We should keep thinking big, and with the right support our creative firms can continue to lead the world, create jobs and boost our economy.”
The UK’s creative industries are ahead of the game globally, but competition from abroad is increasing. To help creative firms continue to thrive, the CBI is calling on the Government and industry to build on existing progress with a coherent new strategy which includes the following action:
Unequivocally commit to developing licensing models across the EU to protect businesses’ intellectual property
Ensure creative firms can access the finance they need to grow
Ensure the European Commission accepts a tax credit for video games
Boost the development of in-work skills and ensure the apprenticeships system is suitable for creative industries
Tilt the playing field to help creative businesses export and expand overseas
Ensure the new Competition and Markets Authority is responsive to changes in product and geographic boundaries.
Jean-Benoit Berty, head of EY’s UK technology, media and telecommunications practice, said:
“The creative industries are all too often overlooked when discussing economic affairs. In reality they make a significant contribution to the UK's economy and it would be good to see the Government shining a bigger spotlight on this sector and giving it the attention it desires.
“EY research shows that the UK is in danger of slipping behind international rivals, like Germany, on economic indicators such as new project start-ups. Now is the time to act to ensure this dynamic sector is safeguarded in a high competitive, fast-moving global economy."
The CBI believes the UK has the potential to be the leading exporter across all areas of creative content by 2025, and can increase levels of inward investment across a full range of creative sectors.