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New PWC Report Highlights Opportunities and Challenges for UK Creative Industries

28 January 2013

WE MUST DO MORE TO “GROW OUR OWN” SAYS CREATIVE ENGLAND’S MS NORBURY AS NEW PWC REPORT HIGHLIGHTS OPPORTUNITIES AND CHALLENGES FOR UK CREATIVE INDUSTRIES.

Published today, UK screen based industries: Powering ahead offers a well-timed insight into the significant opportunities and challenges facing the UK’s creative industries. The report, commissioned by Pinewood Studios, produced by PWC and supported by Creative England, highlights the sector’s current dilemma: whilst global demand is growing rapidly and offering avenues for significant growth, so are the numbers of nations actively beginning to expand their own creative economies.

Addressing key sector issues, Creative England’s Chief Executive, Caroline Norbury said:

“This timely report addresses a number of the key issues we simply must address if we are to maintain and grow the UK’s creative industries. The key is to ‘grow our own’. To do this, we need to address issues of infrastructure building on existing centres of excellence, like Pinewood, Elstree and Leavesden, whilst looking to strengthen existing creative businesses and clusters north of Watford. We need to up-our-game in terms of digital infrastructure too - UK businesses cannot compete without major improvements to broadband”.

Ms Norbury added, “We also need to change the culture around investing in the creative sectors, whilst simultaneously finding new avenues to provide affordable access to finance*. “We must retain our IP and learn to build big creative businesses founded on our big creative ideas. We need to remember that SMEs are the key drivers for future economic growth. Finally we need to remember that innovation is the key to remaining competitive, both structurally within businesses – and with the products and services we produce.”

Pinewood Chief Executive, Ivan Dunleavy said:

“This market analysis from PWC helps demonstrate that the UK needs to increase capacity if it is to capitalise on the predicted growth on offer in the screen based industries. Inward investment continues to flow into the UK to take advantage of our facilities, talent, skills and technology but we need to grow to help accommodate it.”

Nick George, Media Partner at PwC added:

“There is strong consumer appetite for Film, TV and Video Games (screen based media) in the UK; they are a key part of the media sector, with robust fundamentals, despite the changes in the media landscape brought on by digital”.

To read the full report, click here.

*Caroline Norbury is part of the Creative Industries Council’s working group on Access to Finance and the latest report is due out on 31st January. This concludes:

There is a real opportunity for designers, artists and creative technologists to realize their true wealth-creating potential of their creativity and innovation. In order to grasp the opportunity, investors must learn to understand creative innovators, and creative innovators must learn to make themselves investor-ready.  Working together and with the backing of Government, the UK could double the size of the creative industries sector over the next decade. The economic benefits of our creative output as content owners is infinitely greater than our status as an award-winning but fee-earning, work-for-hire nation. The challenge for public policy is to address the shortage of risk capital in creative content companies and the dire consequences if ignored.