The UK Government has talked about their Innovation Strategy for the past few months, with many calling into question the specific actions that will be taken. In late July, the Government announced their plans to boost innovation in the Welsh Media Industry.
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Media.cymru is set to receive £22.2 million in funding to expand the Cardiff Capital Region into a global hub for media innovation and production. Alongside this funding, Media.cymru has plans to create 2, 000 new jobs in the region. Between expansion and job creation, an expected £236 million will be added to the local economy.
This endeavour will be led by Cardiff University as their media.cymru consortium brings together 24 partners from media production, broadcast, technology,university, and local leadership platforms. The plan is to create more innovative firms in the region over the first five years to triple productivity growth rates. The funding will also deliver new infrastructure including a world-class virtual studio and R&D pipeline.
The funding comes from the flagship Strength in Places Fund (SiPF) from UK Research and Innovation (UKRI).
However, the UK Government isn’t the only funder of this project. In addition to the UKRI SIPF’s £22.2M, the consortium will receive:
- £3 million from Cardiff Capital Region
- £2 million from the Welsh Government through Creative Wales
- £23 million matched by industry and university partners
Since 2006, the Region has developed one of the strongest media sector growth rates in the UK, attracting one in eight of all new UK jobs in film/TV, producing global successes on film and TV shows including Sex Education, His Dark Materials, Doctor Who and Dream Horse.
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