Proof of the intangible value of the arts and culture

Here is one piece of evidence for the value of the creative industries:

'Figures ... from a report produced by BOP Consulting for the City of London Corporation show that the City’s world-leading arts and culture cluster had a total economic impact of £247 million in 2013/14. Measured in terms of job creation, this is equivalent to supporting between 6,600 and 7,060 full time equivalent jobs. The cluster organisations together brought in an estimated 8.5 million visitors in 2013/14, an uplift of 9.9% from the 2011/12 baseline figure, and the value of ticket sales for these organisations rose by 11% to £55.5 million.

The City arts and culture cluster includes St Paul’s Cathedral, the Barbican Centre, the London Symphony Orchestra, Guildhall School of Music and Drama, Museum of London, Tower Bridge, and the Tower of London among others.

As part of the report, the impact of Crossrail was examined. The authors found this could translate into an additional 991,000 visitors to the City each year when combined with public realm improvements and the development of the wider leisure and retail offer in the City.

Commenting on the launch of the report Mark Boleat, Policy Chairman for the City of London Corporation, said: “While we have all been long aware of the intangible value of the arts and culture to the City’s role as a world-leading financial centre, this report provides proof of their value beyond their obvious cultural merit. The cultural cluster supports jobs and growth in both the City of London and outside, and provides a huge variety of cultural opportunities for Londoners to enjoy.”

The full report is available here: http://www.cityoflondon.gov.uk/business/economic-research-and-information/research-publications/Pages/City-arts-and-culture-cluster.aspx.

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Ed Sheeran - The City.