Arts generated £4.6 billion for economy in 2012 – report
The performing arts, music and visual arts sector was worth almost £4.6 billion to the UK’s economy in 2012, according to new statistics published by the Department for Culture, Media and Sport.
This figure represents a 13% increase from the previous year, in which the collective value of these industries was around £4 billion.
The data was compiled from the Office for National Statistics information as part of this year’s creative industries’ economic estimates.
Of all the sectors included in the report, the performing arts, music and visual arts showed the second largest percentage increase in value between 2011 and 2012. They were behind the advertising and marketing sector, which experienced a 26% rise.
From 2008 to 2012, the performing arts, music and visual arts sector experienced an annual average percentage increase of nearly 6%.
Meanwhile TV, radio, film, video and photography collectively experienced a minor drop in their value to the economy in 2012 from the previous year. In 2012 this sector was worth £9.75 billion, which was around 2% less than its £9.79 billion value in 2011.
The annual average percentage increase for the TV, radio, film, video and photography sector from 2008 to 2012 was around 4%.
The report also reveals the value of the exports of services in the creative industries from 2009 to 2011. It shows that the performing arts, music and visual arts sector was worth £275 million in 2011. This was a 22% drop from 2010, when the figure was £357 million.
Similarly, the TV, radio, film, video and photography sector showed a decline in the value of its exports of services. In 2011, the value to the economy was around £4.2 billion, whereas in the previous year it was nearly £4.7 billion.
The IT, software and computer services sector was shown to be worth the most out of all other creative industries in 2012.
It was valued at more than £30 billion to the UK’s economy – just under half of the total £71 billion worth of all the creative industries in that year.