London creative economy worth £36bn
London's creative industries are worth almost £35 billion to the economy and provide almost 800,000 jobs in the capital, according to a new report.
'The creative industries in London', shows that, in 2012, output (measured as GVA - Gross Value Added) is worth 10.7% of total GVA in London. The creative industries also showed relatively higher growth than London's economy as a whole. In 2014, there were 795,800 jobs in the creative economy as a whole in London, equivalent to 16.3 per cent of total jobs in the capital. This is an increase of 106,300, or 15.4 per cent, in the three years from 2011 to 2014.
The report also shows that the productivity of the creative industries in London was 25 per cent higher than the average across all sectors of the London economy.
The UK music, performing and visual arts sector accounted for 76% of the total GVA for the sector generated in London. That’s £3.2 billion generated in London and £4.2 billion overall in the UK. In the film, TV, video, radio and photography sector, 66% of total GVA was generated in London, while museums, galleries and libraries saw the capital's proportion make up just 27% of the UK figure. London's proportion of GVA is higher in this area than in any of the other eight sectors that make up the creative industries, the report found.
Music, performing and visual arts took up 15.9 per cent of the total employment in the creative industries.
Median hourly pay in the creative economy in 2014 was £18.80, compared to a median hourly pay of £15.26 in the non-creative economy. The estimates show the median pay per hour in the creative industries in 2014 was 18.8 per cent higher than in the other sectors of the economy taken altogether.
The report also found that there were 795,800 creative economy jobs in London in 2014. This accounted for 16% of total employment in the capital and marks a 15% increase in creative employment between 2011 and 2014.