5 April 2018 by Matthew Miller

Go forth and create

Last week, the Government and the Creative Industries Council (CIC) announced a new funding package aimed at strengthening the UK’s position as a global leader in the creative industries. The deal includes joint investment of £150 million from the Government and industry, targeted at creative business in the UK, and a £20 million fund to encourage UK towns and cities to invest in the sector.

The creative industries in the UK are currently worth over £90 billion, employ nearly 2 million people and are growing twice as fast as the rest of the UK economy. The sector includes film, TV, music, video gaming, design and fashion, the arts, architecture, advertising and publishing.

Creative businesses are typically adaptable, fast-growing and global exporters. But they also face recognised barriers to growth. Research has identified difficulties for creative businesses in accessing capital. Online piracy also remains a serious problem, giving unauthorised users access to content without rewarding its creators. The new funding programme sets out measures to make it easier for creative businesses to raise the money they need to scale up. It will also fund initiatives to further safeguard copyright and address the issue of transferring value from the creative industries.

One sector that will benefit specifically is so-called ‘immersive technology’: the virtual reality industry. With the help of £33 million of new Government investment, in areas such as virtual reality gaming, interactive art and augmented-reality tourist experiences, this sector is expected to grow faster than any other over the next few years, and to reach a value of £800 million by 2021.

Lady Mendelsohn CBE, Facebook VP and co-chair of the CIC commented: “This breakthrough deal represents a huge vote of confidence in our creative industries to continue to deliver the world class economic performance and workforce that the UK needs. We look forward to working with government to realise its full benefits and the potential of the creative industries all over the UK.”

At Bolt Burdon we work closely with clients from a range of creative industries including publishers, software developers, photographers, film makers, designers, architects and gaming companies. We help them with all aspects of their businesses, including raising finance, commercial contracts, corporate governance and the protection of copyright (and other intellectual property).

For more information on the advice and services that we can provide to businesses in the creative sector, please contact any of the following:

Matthew Miller (Partner):         matthewmiller@boltburdon.co.uk or 0207 288 4739

Tim Lucas (Senior Solicitor):    timothylucas@boltburdon.co.uk or 0207 288 4753

Alternatively, you can also contact one of our other solicitors in the Corporate and Commercial team here.

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