NEWS14 December 2016

News media industry adds £5.3bn to UK economy

Media News UK

UK – The national and local news media industry contributed £5.3 billion to the UK economy in 2015, according to a report by Deloitte commissioned by the News Media Association (NMA).

UK newspaper stand_crop

The UK News Media: Engine of Original News Content and Democracy report found that 90% of the money spent by publishers with suppliers remains within the UK – more than the average ( 77%) across the economy.

More than half ( 58%) of the total investment in news production is in original news content although the report points to the challenges ahead in monetising content, especially on digital platforms, to fund that news-gathering.

The report also found that journalism invested in by news media publishers had benefits such as boosting SMEs, improving literacy, helping community cohesion and underpinning democracy by holding powerful figures and institutions to account.

Among its other findings were that news publishers invested £97m in digital services in 2015 and supports about 87,500 UK jobs.

Ashley Highfield, chairman of the NMA, said: “This report provides compelling evidence of the significant economic, cultural and social value that news media contributes to the UK. The industry is committed to invest in original news content.”

“The report also highlights the urgent need for a fair and equitable regime in which news media publishers’ investment in news is appropriately acknowledged and rewarded, without the commercial benefits being siphoned off by digital platforms and aggregators.”