The UK government announced the launch of a creative industries Sector Deal on 28 March 2018, following up on its promise made in the Industrial Strategy. The deal commits £150m in joint investment by government and industry designed to help make the UK a thriving hub for the creative sector.
The deal includes £20m for a New Cultural Development Fund that will give local governments access to investment funds to foster the development of the culture and creative industries.
A key goal of the deal is to double, by 2025, the UK’s share of the global creative immersive content market. To foster this goal, the government has already committed £33m to developing immersive technologies (e.g. virtual reality video games, interactive art exhibits and augmented reality for tourists).
Of the deal, Matt Hancock, Secretary of State for Digital, Culture, Media and Sport said,
Our creative industries will help develop the talent of the future, ensure people are rightly rewarded for their creative content and give our firms the support they need to compete on the global stage. Millions of people around the world enjoy our world-class artistic and cultural output and we want Britain to stay a frontrunner in these vibrant sectors.
The Creative Industries Council brokered the deal on behalf of the sector. Further details available at the link.