Media Cymru has released economic data ahead of its new campaign launch.
The organisation, part of the UKRI’s Strength in Placed Fund programme, has published analysis revealing the value of the creative industries sector in Wales, highlighting growth of 20 per cent in period between 2022-23. An average of 750 new businesses per annum have been added since 2019. With a turnover of £5 billion, the sector supports over 100,000 jobs in the principality, representing almost 7 per cent of Welsh employment across 11,740 enterprises.
Since 2022, more than £4.4 million of targeted investment has been provided via the organisation’s Innovation Pipeline, supporting a wide range of creative businesses from independent studios to interactive game developers and more. Through its work, Media Cymru, a 22-partner consortium, has supported the development of an active ecosystem to provide design, commercialisation expertise and training as well as networking opportunities and knowledge sharing.
Its Fuelling the Future campaign demonstrates the benefits available through harnessing the power of innovation, aiming to influence policymakers to ensure long-term, sustainable investment in the sector is prioritised.
Commenting on the data, Professor Justin Lewis, director of Media Cymru, said, “Our data shows not just the rapid rate of growth but also the knock-on effects for the region and wider economy. Creative industries have unique challenges when it comes to innovation, 95 per cent of businesses are small and often lack RD&I capacity. But our work in the Cardiff Capital Region – both with Media Cymru and previously, with the innovation programme Clwstwr – has shown that building a supportive innovation ecosystem can produce tangible economic returns. For every £1 invested in RD&I, £6 is added to the economy. That multiplier speaks to the kind of strategic value this sector can deliver and why it is vital that we have a plan for long-term support for creative innovation.”
Professor Sara Pepper, deputy director of Media Cymru, added, “We’ve seen creative industries businesses weather a wide range of challenges over the past five years. From the impacts of the global pandemic and industrial action in the US to ongoing digital disruption, changes in audience preferences and behaviour and economic uncertainties. The sector has shown extraordinary resilience and while some businesses are feeling uncertain about the long-term future, the industry as a whole maintains its adaptability, creativity and ability to navigate challenges. We are seeing the emergence of a creative cluster in the Cardiff Capital Region that understands and is benefitting from RD&I activity and where investment of this kind is directly linked to growth and productivity. But to sustain this, we need policy frameworks and funding structures that recognise and reinforce the value of targeted innovation activity for the needs of this complex sector.”
