Creative Ways of Dealing with Fallout from Credit Crunch; MEDIA & MARKETING as the Credit Crunch Looms Large over Every Industry, Lara Ratnaraja, Sector Development Director Creative, Cultural and Digital at Business Link in the West Midlands Looks at How the Midlands' Creative Industry Can Best Equip Itself to Survive

The Birmingham Post (England), September 1, 2008 | Go to article overview

Creative Ways of Dealing with Fallout from Credit Crunch; MEDIA & MARKETING as the Credit Crunch Looms Large over Every Industry, Lara Ratnaraja, Sector Development Director Creative, Cultural and Digital at Business Link in the West Midlands Looks at How the Midlands' Creative Industry Can Best Equip Itself to Survive


Byline: Lara Ratnaraja

So the credit crunch continues to dominate the headlines, airwaves and e-sites, with its impact on businesses appearing to take a firmer hold by the day.

Now the question is should we believe everything we are being told and, if we do, how do we adapt to survive and maintain growth?

The creative industries in the West Midlands is a good place to test the current climate, having seen phenomenal growth over the last decade and being slightly different in its genetic make-up to other traditional industries.

Talk to entrepreneurs and business owners and the responses are varied, yet there is no mass panic or hysteria about the months ahead.

The reality is that no-one really knows when and, indeed if, the credit crunch will bite.

However creative companies - like any other - must be mindful to watch how the economic downturn impacts on their clients, audiences and consumers and to plan for how this may impact on what they do.

The smart money is on those who have the vision to look at ways of diversifying services into new activity. For example, the credit crunch has affected advertising in traditional media (TV, press, outdoor and radio), with a downturn in advertising spend impacting on graphic design agencies nationally.

Online advertising, on the other hand, continues to grow despite a small slowdown. In turn, this provides market opportunities for agencies providing digital services and content, as shopping via the web expands with a 38 per cent increase in spend.

Gavin Poynter at the University of East London points out that 53 per cent of the demand for creative industry outputs within the UK, such as advertising, architecture and software, arise from the business and finance sectors.

Therefore a downturn in this industry has a direct impact upon the creative and cultural industries and we are beginning to see the first signs of this, as the heavyweights around Colmore Row and Brindleyplace tighten their belts. …

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Creative Ways of Dealing with Fallout from Credit Crunch; MEDIA & MARKETING as the Credit Crunch Looms Large over Every Industry, Lara Ratnaraja, Sector Development Director Creative, Cultural and Digital at Business Link in the West Midlands Looks at How the Midlands' Creative Industry Can Best Equip Itself to Survive
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