3.3h What is the financial resilience of the creative industries and its sub-sectors? Do creative businesses have sufficient financial reserves and business models to withstand short term economic shocks? Does this vary by scale and place?

Background

Supporting creative businesses to grow is a central part of DCMS policy. We know there are a range of challenges as creative enterprises scale up, innovate new products and services, and find new audiences. Creative industries also face highly dynamic and competitive markets, and thus we welcome research on how businesses increase resilience to economic shocks.

Next steps

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Related UKRI funded projects

  • Improving Investment Readiness for SMEs in the Creative Industries

    Creare Capital is a funding-finding platform for creative and digital businesses, where we are dedicated to improving access to finance for the creative industries. Through this project, we will develop a financial readi...

    Funded by: Innovate UK

    Lead research organisation: CREATOR CAPITAL LIMITED

    Why might this be relevant?

    Partially relevant as it focuses on improving investment readiness for SMEs in the creative industries, but does not specifically address financial resilience or business models.

  • Developing a resilience framework and toolkit for UK creative micro-businesses as a route to recovery from the Covid 19 pandemic.

    A 2020 survey of creative and cultural organisations across the South West of England, led by Dr. Tarek Virani and funded by the AHRC's Bristol and Bath Creative R + D Clusters programme, showed that between 18% and 22% ...

    Funded by: COVID

    Lead research organisation: University of the West of England

    Why might this be relevant?

    Partially relevant as it focuses on developing a resilience framework and toolkit for creative micro-businesses, which could provide insights into financial resilience and business models.

  • Centre of Excellence for Policy and Evidence in the Creative Industries

    The UK's creative industries are a national economic strength. Since the turn of the decade, employment, exports and output growth has easily outstripped that in the rest of the economy. Yet, behind this rapid growth lie...

    Funded by: UUI

    Lead research organisation: NESTA

    Why might this be relevant?

    Partially relevant as it focuses on addressing structural challenges and uncertainties in the creative industries, including access to finance and business models.

  • Creative Industries Policy and Evidence Centre

    In recognition of the growing availability of data in key areas of policy, the PEC will introduce set piece UK-wide 'State of the Nation' reporting in each of four high-level priority thematic areas led by the four organ...

    Funded by: AHRC

    Lead research organisation: Newcastle University

  • Creative Industries Clusters Programme - Baseline Research & Evidence Grant

    From film and music to video games and architecture, the UK has one of the world's largest, most innovative and fastest growing creative industries. A new wave of research and development will open up exciting ways to cr...

    Funded by: UUI

    Lead research organisation: Royal Holloway University of London

  • MVP Plan of Creative Production Micro-Economy

    Minimum Viable Product Plan: RegenerArting our Neighborhoods through Collective Imagination! Creative Reset Ltd.'s founder was a digital disruptor on the west coast of North America and discovered possibilities that can...

    Funded by: Innovate UK

    Lead research organisation: CREATIVE RESET LTD