The creative economy, attacked from all sides in recent years, is stagnant. Without investment it would contract. Job losses would be particularly severe in fragile areas such as grassroots music venues
Missed opportunities for economic diversification could slow growth in high-potential areas like digital creativity and international exports. Without investment in innovative sectors, Scotland could fall behind competitors. Countries like Ireland and Denmark are investing heavily in their creative industries to drive post-COVID recovery. We failed to attract Game Of Thrones a decade ago; let’s not miss out on even more opportunities.
Scotland’s creative sector provides significant economic value, contributing £5bn annually to GDP, while supporting over 70,000 jobs directly. Yet, this only scratches the surface of its potential when evaluated through a triple bottom line approach: economic, social and environmental impact.
Economic contributions can be quantified — through growth in cultural tourism, IP generation, exports and employment — but culture isn’t just an economic asset; it’s a medium for improving wellbeing, social cohesion and making environmental progress. Culture brings communities together, and creates a sense of belonging. It can also help achieve Scotland’s net-zero goals, positioning the country as a sustainable cultural innovation leader.
This £100m investment will yield significant initial return, with long-tail benefits. The money must be spent now. It can be a mix of grant funding, equity investment, loans and mezzanine finance. It can also leverage additional investment through public-private partnerships.
Scotland is at a crossroads. The cultural sector is an essential part of the country’s economy, society and environment. If the Scottish Government carries on down the path of cultural neglect, our national economy will continue to suffer. Alternatively, choosing mission-oriented strategic investment, Scotland can secure both immediate economic returns and long-term growth.
The cost of inaction is too high to ignore, and the potential returns are too great to miss. We cannot afford hollow promises and false economies. Let’s commit to real investment and realise culture’s potential as the driving force behind Scotland’s future.