By Ruth Mortimer
Advertising, marketing, film, TV and other creative industries not only shape the culture and ethos of our city, they project Britain to the world, says Ruth Mortimer
Is the UK still a creative superpower? The last year has been marked by war, economic and technological disruption. With an election on the horizon and constant talk of national excellence among politicians, the UK’s influence on the global stage has never been more pressing.
While our technology and financial service sectors have historically stood as hallmarks of London’s strengths, we cannot overlook one of the most influential forces behind the UK’s cultural and economic prowess: our creative industries.
Our nation is one of the world’s great creative countries. According to Brand Finance’s recent Global Soft Power Index, it ranks only behind the US when it comes to its economic and cultural influence. London in particular has long been hailed as a leading creative hub, with a cultural and artistic scene that captures the global imagination, attracts international ventures, and drives year-round tourism.
As we continue to face low rates of productivity across the private and public sectors, and with the public purse limited in what it can invest to stimulate growth, it is imperative that the UK doubles down on the creative industries at the heart of its soft power if we are to promote long-term economic growth and retain our standing on the global stage.
The massive export potential of the UK’s creative sector offers a compelling economic argument to do so. For every £1 spent on advertising, the economy as a whole benefits £6, according to the Advertising Association’s Advertising Pays report.
Currently, the digital ad industry alone contributes an impressive £129bn to the UK economy. Despite global headwinds, recent figures show a 15 per cent year-on-year reaching £15.6bn in 2022 – an uphill trend due mainly to the thriving number of UK advertising and market research companies engaging globally.
However, recent technological advancements have placed our creative sectors at a crossroads. From the proliferation of AI to the advent of new media platforms, brands and businesses face a new wave of industry disruption – navigating challenges including an oversaturated digital space and leveraging technology without violating online privacy.
Ensuring we maintain our momentum and secure our strong standing in the advertising, media and creative space means we cannot rest on past laurels. Embracing and adapting to technological innovation will become increasingly important – an area where we have already proven strong.
Over the past year, we have seen how our media and technology sectors have joined forces to create world-renowned offerings, from holographic concerts to a wealth of immersive exhibitions.Abba Voyage alone brought £322m to London’s economy last year – emphasising the economic impact and potential of this cross-sector innovation.
It is promising to see the government continuing their commitment to fostering innovation within this sector. The announcement last year of £150m of investment into the TV and film industry to advance AI-powered special effects and other performance technologies was an encouraging nod to the power of our creative industries and the pivotal role they will play in futureproofing our economy.
Another focus should be on scaling the successful initiatives that have established the UK as a leading hub for domestic and global brands. Home to the production teams behind hits as diverse as Game of Thrones, Harry Potter and Grand Theft Auto, and with trusted brands such as the Financial Times and BBC, our nation has garnered international acclaim for its contributions to the entertainment and media landscape. We must build upon these approaches that have made us an attractive destination for filmmakers – such as our production tax breaks – to preserve our appeal to creative companies around the world.
Indeed, the benefits of strengthening our creative sector extend beyond the economic impact. The media and arts are not only vital drivers of financial vitality and growth, but pillars of our nation’s soft power, our allure as a city of unique talent, culture, and diversity. As we’ll be unpacking at Advertising Week Europe this week, our advertising, marketing, film, and TV companies shape the culture and ethos of our city. From the content on our screens and the art on our streets, to the live performances across our multitude of stages, our creative force not only enriches our every day, but forms the very basis of our enviable global image.
As we navigate this new wave of digital transformation, investing in creativity must become a strategic imperative. The UK needs to cast its gaze towards the innovators and creatives at the heart of its reputation as a soft power superpower. By scaling our world-renowned initiatives and promoting funding for the advertising and media sectors, we can ensure that the UK, and indeed London, retains its shining crown as one of the world’s leading creative capitals.
Ruth Mortimer is the Global President of Advertising Week – Advertising Week Europe takes place this week at 180 Studios
