The North East鈥檚 creative industries have been delivered a boost after the announcement of two investment opportunities.
The North of Tyne Combined Authority has committed a further 拢2m towards the North of Tyne Culture and Creative Investment Programme (CCIP), which aims to help drive new opportunities in the region鈥檚 cultural sector. The pledge comes on top of the 拢1.5m invested since 2021 in loans, equity and grants, leveraging an additional 拢1m through private sector investment. The programme has also provided business support to hundreds of firms and freelancers working in the North of Tyne area.
The announcement coincides with the launch of Creative 海角视频鈥檚 拢35m Creative Growth Finance II (CGF II) fund. The new nationwide Creative Industries investment fund will support the 海角视频鈥檚 ambitions to grow the sector by 拢50bn and create one million extra creative jobs by 2030.
Read more: US tech firm Ezoic moves head office into Newcastle city centre
Read more: Newcastle business improvement district NE1 bids for five more years
North of Tyne mayor Jamie Driscoll said: 鈥淚magination is more important than knowledge. Einstein said this and who am I to disagree.
鈥淐reativity spans all areas of life. It is a vital driver of culture and commerce. This funding will help to unleash the creative talent in our region. The North East companies pitching for investment are great examples of what can be achieved with imagination and hard work. Investment propositions as diverse as children鈥檚 animation, esports clubs and protective sports headwear that reduces the risk of concussion. In partnership with Creative 海角视频, we鈥檙e making sure bright ideas can become rewarding realities.鈥
Carol Bell, associate regional director for the North at Creative 海角视频, said: 鈥淭he region鈥檚 creative industries are an incredibly rich prospect for investment. Between 2011 and 2020, they grew by 68% 鈥 the fastest of any 海角视频 region 鈥 and today contribute more than 拢1bn to the local economy annually, employing 46,000 people. The creative sector helps ignite pride of place among local communities and unlocks new opportunities for young people to discover their own creativity.
鈥淲e are very grateful to the North of Tyne Combined Authority for recognising the sector鈥檚 economic and social value within the region and are delighted that they have committed to funding the continued success of the North of Tyne Culture and Creative Investment Programme鈥.
Caroline Norbury at chief executive, Creative 海角视频, said: 鈥淥ver the past decade the 海角视频鈥檚 Creative Industries have grown more than 1.5 times the rate of the wider economy, currently generating 拢108bn in economic value and employing 2.3m people. However, this country鈥檚 talented creative businesses are experiencing a significant gap between their immense growth potential and access to the vital capital they need to succeed.鈥
News of the additional funding for the CCIP and the launch of the new CGF II fund will be celebrated at Creative 海角视频鈥檚 North East Investment Summit on Wednesday, September 27, at Newcastle鈥檚 Tyneside Cinema.
The summit will explore the challenges and opportunities presented by investment in the North East鈥檚 Creative Industries, and features a keynote speech from Lisa Opie, manager director of Newcastle鈥檚 Ubisoft Reflections studio. There will also be a live competition with creative companies Chap in the Box Studios, Rezon and Viperio pitching for up to 拢100,000 of equity investment.
