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IPA welcomes report on economic vitality of Britain's creative industries

The IPA has welcomed the Work Foundation Report commissioned by the Department for Culture, Media and Sport (DCMS), ‘Staying ahead: the economic performance of the UK’s creative industries’. This central contribution to the forthcoming Government White Paper outlines how the value to the economy of Britain’s creative industries, including advertising, is now broadly comparable to that of the financial services sector.

08/06/2009

The IPA has welcomed the Work Foundation Report commissioned by the Department for Culture, Media and Sport (DCMS), ‘Staying ahead: the economic performance of the UK’s creative industries’.  This central contribution to the forthcoming Government White Paper outlines how the value to the economy of Britain’s creative industries, including advertising, is now broadly comparable to that of the financial services sector.

The report reaffirms the IPA President Moray MacLennan’s two-year manifesto to promote the value of advertising in the boardroom and establish the ad industry itself central to the success of brands, companies, and the UK economy.  Specifically this means re-positioning ‘Adland’ at the creative end of the commercial world as opposed to the commercial end of creativity.

The Work Foundation report, based on 13 creative industry sectors, suggests that there are eight drivers of success for the creative economy that future policy must address.  These drivers include: demand, greater diversity, a level playing field, education and skills to ensure balance and the appropriate supply, networks in order to harness capacity, public sector support and investment, a clearly defined and enforced regime on Intellectual Property, and greater business capacity building.

Said Moray MacLennan, IPA President, Chairman Europe, M&C Saatchi, “Monday's launch of this excellent DCMS report gives us powerful support in pursuing the IPA's 'Value in the boardroom' agenda and at last night’s IR (Investor Relations) Awards we presented the 'Best Narrative Reporting' prize to the top FTSE-100 company whose report has best communicated the value of both its financial and non-financial assets.  So it's been a great week for the creative industries, 'intangible assets' and the brands that marketers and their agencies create, which account for 12% of all shareholder value globally.”

Said Will Hutton, Chief Executive of The Work Foundation, “These sectors are all very different, but what they have in common and what sets them apart is that they commercialise expressive value – they profit from creativity, cultural meaning and symbolism. We need better understanding about the mechanisms through which creativity generates value – both within the creative industries themselves and in the wider economy beyond.”

Said Tessa Jowell, Culture Secretary, “This analysis shows just how vibrant – and how economically important – our creative industries are.”

To view the full report please see: http://www.theworkfoundation.com/research/publications/publicationdetail.aspx?oItemId=176&parentPageID=102&PubType=

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Note to editors:

The report is base on 13 creative industry sectors including: advertising, architecture, publishing, radio and TV, design, film, music, software and computer services, computer games, designer fashion, crafts, performing arts and the arts and antique market.

Last updated 08/06/2009


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