The creative sector in the North East has been given a multi-million pound boost as The North of Tyne Combined Authority committed a further £2 million towards the North of Tyne Culture and Creative Investment Programme (CCIP).
The announcement came as Creative UK launched a new, £35 million, national growth fund.
The CCIP launched in 2021 and has since invested over £1.5m in loans, equity and grants into the Creative Industries in the region, as well as leveraging an addition £1m through private sector investment. The programme has also provided business support to hundreds of creative sector businesses and freelancers working in the North of Tyne area.
Carol Bell OBE, Associate Regional Director, North, Creative UK, said: “We are very grateful to the North of Tyne Combined Authority for recognising the sector’s 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.”
Mayor Jamie Driscoll, North of Tyne Mayor, said: “Imagination is more important than knowledge. Einstein said this and who am I to disagree. Creativity 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’s animation, esports clubs and protective sports headwear that reduces the risk of concussion.
“In partnership with Creative UK, we’re making sure bright ideas can become rewarding realities.”
The announcement of an additional £2 million for the CCIP coincides with the launch of Creative UK’s £35 million Creative Growth Finance II (CGF II) fund. The new nationwide Creative Industries investment fund will support the UK’s bold ambitions to grow the sector by £50bn and create one million extra creative jobs by 2030 as set out in the UK government and Creative Industries Council’s recently published Sector Vision.
Delivered in partnership with Triodos Bank, CGF II is the largest single fund to be delivered by Creative UK, following its investment of more than £50 million into the UK’s world-leading Creative Industries over the past decade.
CGF II continues the success of the first Creative Growth Finance fund, which launched in 2019 and has since invested over £17 million into more than 30 creative businesses located across the UK and operating within sectors including Film & TV, Virtual Production, narrative-based Video Games, Advertising and Software.
As of last month, the existing CGF fund portfolio has experienced a 108% improvement of average monthly revenues, a 39% headcount growth average with more than 225 jobs created, and nearly £19 million raised in further third party funding.
The new funding comes just in time for the regional industry to celebrate at Creative UK’s North East Investment Summit on Wednesday at Newcastle’s Tyneside Cinema. The Summit will explore the challenges and opportunities presented by investment in the North East’s Creative Industries, and features a keynote speech from Lisa Opie, Manager Director of Newcastle’s Ubisoft Reflections studio. The event will also feature a live competition, with North East creative companies Chap in the Box Studios, Rezon and Viperio pitching for up to £100,000 of equity investment.
