British music artists could double their share of US album sales by 2025, further boosting the contribution of the creative industries to the UK economy, a new report out today claims.
Though often “overlooked”, sectors such as film-making, fashion design and video game development collectively add some £36 billion to the UK economy, and account for nearly 11 per cent of all exports. This includes £20.9bn from fashion, followed by £3.5bn in total music sales.
However, the CBI believes that UK artists can grab a bigger share of key export markets like the US if given the correct support. Katja Hall, the business group’s chief policy director, said this included “unequivocal” commitment to protecting intellectual property.
“The UK’s creative industries are already world-beaters and make a huge contribution to our economy,” she said. “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.”
With support from accounting group EY, the CBI is launching “The Creative Nation”, its growth strategy for the sector. It calls for measures to ensure access to finance, as well as a campaign to secure European Commission approval for tax credits for video game developers.
It also wants the UK government to “tilt the playing field” to help creative businesses export and expand overseas.
Jean-Benoit Berty, head of technology, media and telecommunications at EY, 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,” he said.
“EY research shows that the UK is in danger of slipping behind international rivals, like Germany, on economic indicators such as project start-ups.”