Broadcaster Sky has called for a raft of new measures to ensure the UK entertainment sector continues to grow including an innovation impact assessment on any new government regulation.
Sky, which is owned by US group Comcast (NASDAQ:CMCSA), said that on the current growth trends, Britain's entertainment industry will be worth £53 billion by 2033 or £10 billion more than currently.
In a report prepared with Public First and Oxford Economics, the broadcaster said that rate of expansion would also see an additional 40,000 jobs created.
As well as the impact assessment, Sky also recommended four other priorities for the government to lift the entertainment sector: Enhancing the apprenticeship levy; R&D credits for creative endeavours; a review of the business rates grading for creative studios and the launching a digital engagement programme to get more people using online content.
Dana Strong, Sky's chief executive said: “We face a unique opportunity for the UK to be a global powerhouse of creative production, scaling up to meet growing demand both at home and overseas.
“If our industry and the UK Government work together to invest in skills, innovation, and key infrastructure, we will succeed in creating more prosperity for communities across the country. As a result, the media and entertainment sector could be worth an impressive additional £10 billion a year to the UK economy by 2033.
Rachel Wolf, Founding Partner of Public First added: “The UK has always been famous for great film and TV shows, which are immensely popular exports all around the world. Those shows aren’t just fun to watch - they deliver jobs and growth for the UK economy.
“Our research identifies that if the policy environment is right, the British media industry could grow to £53 billion, the equivalent of 40,000 jobs - bringing pleasure to millions and delivering economic prosperity in the process.”