The Economic Value of the Creative Industries

The Creative Industries is a platform that people can share an idea or opinion in a creative way or share their skills such as art and dance through any type of media. The DCMS definition of the creative industries is:

 “those industries which have their origin in individual creativity, skill and talent and which have a potential for wealth and job creation through the generation and exploitation of intellectual property”. 

The creative and cultural industries are an ever-growing, fast-paced industry that contributes a huge amount to our economy and is an intergraded part of our lives. Countries have realised the importance of the creative industries as a distinctive image of a country, and also it’s icons such as the Eiffel Tower in France. Media plays an import role that can define our culture at the time the film or image was produced. For example, if a movie was produced in the 1960s such as Alfred Hitcocks Psycho, there wasn’t as much gore and blood as we see in today’s horror movies. The cultural influence on films can be seen in today’s society with films using technology such as the iPhone which is popular today. Media can also help us learn and understand different cultures than ever before. Through video, pictures and TV and Film we can experience a huge range of cultures, an example is that people will probably know most aspects and stereotypical traits of Scottish culture, without even visiting Scotland.   

Journalism is an area of the creative industries that have dramatically changed with the rise of social media and blogging. The internet and social media platforms is an obvious area to look and see a change in journalism. The internet allows the journalist to evaluate newsworthy stories, and use a range of different sources to gather evidence for a story that wouldn’t have been available before. Social media can show first-hand witnesses of events, which can be used for stories and a source. 

Blogs and citizen news outlets have grown in popularity with the rise of the internet, these can show events from the ground faster than print and tv news can, this is clearly a positive as it is extremely fast, news can be updated instantly when it happens. News reporters can even tweet updates while they are on the move to keep audiences up-to-date on the latest stories. And because of the internet information and stories can be distributed on a grander scale to a larger audience or more niche audiences, because of the widespread of users. People can engage and start a discussion in the comments sections on websites and blogs. previously people had to write into the editor or phone in which obviously is a much longer process than to leave a comment. Again everything works a lot faster and is more effective because of the use of the internet and social media. 

Social media also means celebrities and other people with a following can let their fans know the news before a journalist can get the “exclusive story”. There is a decline in the sales of newspapers with some publications just moving to entirely online. 

The creative industries have actually grown at a faster rate than the economy as a whole, The DCMS Sectors Economic Estimates 2016 report shows “DCMS sectors contribution to the economy up by 3.6 per cent year-on-year to almost £250bn, accounting for 14.2 per cent of the UK’s Gross Value Added (GVA)” 

 

Industries in the creative industries (advertising and marketing, arts and film, TV and radio, and museums and galleries) are all part of this fast-growing economic sector, which is worth almost £92bn, according to the figures published by the Department for Digital, Media, Culture and Sport.

. (There is also more on this from the 2016 report ) 

The creative industries make up a huge section of the UK economy and are actually growing faster than the economy itself. With the use of the internet impacting Journalism, with people being able to start blogs themselves and have multiple choice to source information. This by itself shows the great economic impact of the creative industries. 

Bibliography  

Assets.publishing.service.gov.uk. (2018). [online] Available at: https://assets.publishing.service.gov.uk/government/

uploads/system/uploads/attachment_data/file/523024/Creative_Industries_Economic_Estimates_January_2016_Updated_201605.pdf [Accessed 8 Oct. 2018].

GOV.UK. (2018). Creative industries’ record contribution to UK economy. [online] Available at: https://www.gov.uk/government/news/creative-industries-record-contribution-to-uk-economy [Accessed 9 Oct. 2018]. 

Assets.publishing.service.gov.uk. (2018). DCMS Sectors Economic Estimates 2016: Gross Value Added. [online] Available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/662958/DCMS_Sectors_Economic_Estimates_2016_GVA.pdf [Accessed 9 Oct. 2018]. 

GOV.UK. (2018). Creative Industries Economic Estimates January 2015 – Key Findings. [online] Available at: https://www.gov.uk/government/publications/creative-industries-economic-estimates-january-2015/creative-industries-economic-estimates-january-2015-key-findings [Accessed 24 Oct. 2018].