Sahar Rezazadeh 6.44am
The launch of the Creative Industries Council has received a good reception from leading heads of industry, such as the Music Industries Association, the Design Council, the British Academy of Songwriters, Composers and Authors and UK Music.
Chairing the new council are the Culture Secretary, Jeremy Hunt, and the Business Secretary, Vince Cable. It is anticipated that it will comprise representation from across the creative industries such as music, film, gaming, design and TV production. The Chancellor, George Osborne, has said that the purpose of the council is to ‘provide a voice for the sector with the financial community and coordinate action on barriers to growth…as well as access to finance, the CIC will look at other issues in the sector, which may include skills, export markets, regulation, IP and infrastructure.’
The UK’s creative industries face a host of challenges. Foremost is a lack of investment, which has handed an advantage to global competitors, mostly in the United States. Despite the fact that the music industry alone contributes nearly £5 billion annually to the UK economy and employs over 130,000 people, the growth potentials for creative industries go unrecognised.
The Chancellor and the Treasury recognise that investment possibilities are regularly misunderstood and financiers are ‘more likely to turn down a request for funding from a creative industry player than a company from another sector with a similar risk profile.’
Feargal Sharkey, former lead singer of The Undertones and now the head of UK Music, has pointed out that talent needs time and patience to develop over five years or more, but the eventual returns can be very beneficial to all stakeholders and the wider economy. Instead even when artists do attract investment their work can be compromised in the search for higher returns. Musical themes of sex and violence are invested in for quick profitable returns. Other themes and genres might be more narrowly appreciated but that shouldn’t mean they can’t be profitable long-term. In any case, the creative industries will be more successful when appreciated for their artistic worth as opposed to short-term financial gain.
Sharkey has outlined three key areas of attention for the UK music industry:
Help the creative sectors gain access to the financial and investment communities; develop the necessary education, skills and training; and enforce tougher copyright protection.
Given that almost 85 per cent of businesses in the creative and cultural sectors employ less than five people, independently focused measures will go a long way to supporting talented designers, artists and producers who are unable to get exposure for their work. Independent artists are squeezed out by the four major record labels.
Businesses in the creative sector play huge social and cultural roles. Music and film have massive influence. Creative industries also have enormous economic potential. For the next decade, we must ensure that British entertainment and design gets the investment it needs to showcase all our best talent to the world. Most industries have their own vested interests and the creative industries are no exception. It is important that we do not shut out the next generation of talented artists, producers, designers and innovators. The new Creative Industries Council is apposite mood music. Now it has to deliver.