Sky Urges UK Government to Supercharge Creative Industry’s Growth, Potentially Adding £10 Billion to Economy
Sky, the European media and technology giant under Comcast ownership, has called upon the UK government to harness the burgeoning potential of the nation’s media and entertainment sector, a move that could see the industry’s value reach £53 billion ($65.5 billion) by 2033, up from £43 billion ($53.1 billion) in 2021. This optimistic projection could inject an additional £10 billion ($12.4 billion) into the UK economy, according to a new report jointly released by Sky, Public First, and Oxford Economics.
During her appearance at the Royal Television Society (RTS) Cambridge Convention, Sky’s CEO, Dana Strong, outlined five key policy priorities to unleash the creative industry’s full potential. These initiatives include streamlining planning processes for new studio facilities, reducing bureaucratic red tape, and conducting regular reviews of tax incentives.
Strong emphasized the unique opportunity for the UK to become a global creative production powerhouse, provided the industry and the government collaborate to invest in skills, innovation, and essential infrastructure. She underscored Sky’s determination to drive growth and creativity both within the UK and globally.
The industry report, unveiled by Sky, highlights the sector’s potential contributions, projecting an additional 40,000 jobs by 2033. In 2022 alone, Sky contributed £20 billion ($24.7 billion) to the UK’s GDP, broadcasted 70,000 hours of elite sports coverage, and invested over £130 million ($161 million) in providing free news to consumers.
Sky’s Sky Studios Elstree, a new film and TV studio, is set to attract £3 billion ($3.7 billion) in production investment to the UK within its first five years, generating up to 2,000 jobs.
The report underscores the vital role of original British content in driving the success of the UK’s creative industries. It reveals that one in two UK adults is more likely to watch a TV show if it’s set in the UK, with 45 per cent appreciating British humour and 30 per cent enjoying familiar British landmarks.
Sky’s report also predicts a 50 per cent growth in international demand for British content by 2033, boosting UK tourism by £2 billion ($2.5 billion) as fans travel to iconic locations from their favourite shows.
In response to these findings, Sky is calling on the UK government to actively support the media and entertainment industry’s growth and development by focusing on five key policy areas:
Innovation Sky proposes an Innovation Impact Assessment for all new regulations to encourage innovation and reduce the burden of regulatory compliance.
Skills Sky urges expanding the scope of the Apprenticeship Levy to cover flexible freelancers and retraining initiatives.
Incentives The company advocates for maintaining competitive tax frameworks and expanding eligibility for research and development (R&D) tax credits.
Space Sky stresses the need to streamline planning processes for new studio spaces and revise property tax ratings to accelerate development.
Connectivity The company calls for the creation of a national Internet Protocols (IP) roadmap to prepare for a shift to IP distribution and address digital exclusion.
Sky’s vision aligns with the prospect of a thriving UK creative industry, poised to make a substantial economic and cultural impact, provided that the government actively supports its growth and innovation.