UK advertising is dominant in Europe

What is the global impact of UK advertising?

Credos an advertising think tank funded by the Advertising Association, has published the latest in its Advertising Pays series.

Advertising Pays 4 ‘Export value and global impact’ reveals the power of UK advertising to drive exports and its dominant position in the world.

The UK and USA battle for the top position on the world stage. Since 2005 the UK has won more Cannes Lions awards than any other country aside from the USA. The prestigious competition celebrates creativity and innovation in communications, advertising and related activities.

Advertising exports are worth £4.1 billion to the UK economy according to the report.

Innovative UK advertising firms are in demand across the world, demonstrated by the fact that 35% of the top 20 UK advertising agencies’ total revenue is generated by overseas business, equal to £300 million. The balance of payments for UK advertising is the largest in Europe at £1.6 billion.

This position also makes the country a centre of talent, as skilled young people travel from all over the world to work in UK advertising. The report references the superb training qualifications offered by the UK’s highly respected advertising and market research trade bodies as another source of incoming talent.

Tom Knox, chairman of Mullen Lowe London, said:

“The number one reason clients give for choosing a London agency is that this city is a magnet for global talent.”

Maintaining this enviable position is extremely important to the continued success of UK advertising.

The Rt Hon Sajid Javid MP, secretary of state for Business, Innovation and Skills, wrote the foreword, illustrating the high regard with which the Government hold the advertising industry. He praised the sector's contribution to the economy and its entrepreneurial nature, notably the very high level of start-up companies.

He said, “Today’s advertisers have more channels, more choices, and more opportunities than ever before. And without them, Britain’s business landscape would be a much less prosperous – and interesting – place.”

You can read the full report here.