Welcoming the announcement Baroness Wilcox, Minister for Intellectual Property, said: “This is excellent news not just for the UK economy, but also because it shows that Government is serious about understanding and promoting the creative industries.”
The new estimates have been developed over the last year as part of the IPO’s economic research programme to establish a more accurate picture of intellectual property in the UK. The study drew on new information provided by the publishing, music and film industries on their investment in copyrighted work, which generates long term revenues for the UK.
This new initiative has been a collaborative effort between the Office for National Statistics (ONS), IPO, Imperial College and the creative industries. It reflects the increased importance of intellectual property in today’s economy.
The IPO’s Chief Executive, John Alty said: “Government policy recognises the vital importance of innovation in the creative sector. It is more important than ever that we should capture this investment in the way we measure the economy – adding to the UK’s economic capability.
“We welcome the drive for good evidence and the collaboration between industry, researchers and Government which has made this work possible.”
Sarah Faulder, Chief Executive of the Publishers Licensing Society (PLS) said: “PLS is delighted to have been able to play a part in ensuring that the value of the UK’s publishing industry is more accurately reflected in the national statistics. Whilst we believe there is more work to be done to ensure the scale of the industry is fully reflected, we commend the IPO for having undertaken this crucial and challenging task at a time when copyright policy is under review by the Government.”