Friday, November 19, 2021

Task 6: The Creative Economy

 What are the creative industries? 

The creative industries are comprised of any industry that achieves its goals through creative means. Advertising as an example uses films for product placement, graphics for its poster ads and videography for its video ads. The main industries that make up the creative sector are as follows: Advertising; Architecture; Arts; Design; Fashion; Games; Music; TV and Film; Literature.

How many people are employed in the UK? 

Currently in the UK around 75.3% of people aged 16-64 are in employment based on statistics from august 2021 (at the time of writing it is November 18th 2021). In 2018 an estimated 2,040,000 jobs were in the creative industries, up 30.6% from 2011 which is way above the average UK growth of 10.1% in that same time period.

How much do the creative industries generate each year? 

The creative industries earned over £111bn in 2018 and  in 2020 were reported to earn £13m an hour. The covid-19 pandemic has cost the creative industries around £12 billion in GVA (Gross Value Added) as well as over 110,000 jobs, 95,000 of which are predicted to be freelance. Despite this, a report by the Creative Industries predicts that the creative sector will recover faster than the rest of the UK, and may even be a major catalyst in the UK's economic recovery.

The creative industries comparative growth - In 2018 Nesta predicted that by 2030 the creative sector would have generated a further 900,000 jobs for British citizens, and at the time the growth of the creative industries were double that of every other sector. Creative sectors are also resistant to automation and such will continue to benefit the people more than other high and low skill industries.


References: 

Creative Industry Council - The creative industries
Statista - Employment rate in the UK
The creative industries - employment figures

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