Diploma in Hospitality Management

Questions: 1. Within the first article you will analyze the contribution of the entertainment industry and the development and distribution of different activities to the UK economy.2. In the second article you will compare local, regional and national funding agencies and their impact on the entertainment and venue industry in UK. Answers: The entertainment industry is clearly associated with the show biz or show business. It has contributed significantly to the UK economy. Till now, the show business has contributed around 4.6 billion pounds to the Gross Domestic Product of UK and then over 1.3 billion pounds to the Exchequer as per the independent report. Due to the entertainment industry, the quantity of jobs has significantly increased due to the entertainment industry of UK. It resulted in an increase in the employment of around 44,000 people in 2014. The film industry of UK employs more individuals than both the pharmaceutical and fund management manufacturing sectors with 70 percent of the graduates of the workforce and that people are earning around 32500 GBP that is mainly higher than the average salary (Blanchflower, 2009). The entertainment industrys reputation in the UK is significantly and imperatively strong. The exports of the UK entertainment industry during 2013 were found to be as GBP 2.1 billion and that the trade surplus i.e. net trade contribution since 2000 has been GBP 380 million (British Film Institute, 2015). This mainly indicates a significant increase with the entertainment industry effectively competing within the global market and developing an imperative contribution to the net trade position of UK through promoting the UK abroad emulated by the export earnings. The production that is spent on an inward investment on an average accounts for around 80 percent of the aggregate UK production and this critically contributes GBP 3.7 billion to the GDP of UK followed by GBP 1 billion to Exchequer revenues (British Film Institute, 2015). It should be noted that the growth is also further driven by the investments of the major studio where the example could be associated with the cumulative investment by Pinewood of GBP 63 million since 2007 and hence, it is anticipated to expand in the upcoming years where Pinewood would propose a significant development scheme for extendi ng the capacity of the studio and the GBP 100 million investment at Leavesden by Warner Bros (Humphries, 2006). The entertainment industry of UK makes a contribution substantially to the UKs cultural life and that the UK show businesses are found to be a significant means for expressing the identity of British. The UK audience like the films and plays of UK and that on an average earn 30 percent box office revenue within the domestic cinemas (British Film Institute, 2015). The entertainment industry of UK has boosted the box office GBP 69 million on an average annually since 2000 (British Film Institute, 2015). The sales or revenue for the films of UK on Blu-ray and DVD, films on VoD, film rentals, soundtrack CDs and related computer video games emulated by the merchandising associated with the film which further made a contribution of around GBP 239 million to the GDP of UK and GBP 108 million to the Exchequer (British Film Institute, 2015). 2. In accordance with the department for Culture, Media and Sport, there are skills investment funds mainly to support skills development in the films, high end TV animation, video game industries and visual effects. Government is contributing up to 8 million every year in 2013/14 and 2014/15 through the Skills Investment Fund, match financing industry venture. This is a one off allocation from DCMS to bolster aptitudes in the digital content sectors and innovative commercial ventures and is being conveyed by Creative Skillset. Innovative England are putting forth business loans to digital creative organizations hoping to grow new products, including applications, software and content for the development of cross platform TV, medicinal services, interactive, e-learning and versatile applications. Organizations situated in the South West, North and Midlands will have the capacity to apply for a loan of between GBP 50,000 and GBP 200,000 which is then reimbursed more than three years (Humphries, 2006). The repayments of the loan in the main first year are negligible, trailed by 24 equal reimbursements over the last two years. The loan must be coordinated 50:50 with other fund, sourced by the organi zation (Ukie.org.uk, 2015). Apart from this, the BFI film fund makes a utilization of the National Lottery funds for developing and supporting the genuine UK films and filmmakers which further expands the audiences who can further enjoy them. Their basic aim is to champion bold, diverse and distinctive films while increasing the audiences across the nation UK (Toporowski, 2011). They also make a provision of the support for the development, production and completion of the feature films that would reflect fairly those people having different backgrounds. That would also facilitate high quality British emulated by some of the other independent releases so as to expand the choice of films for the audiences and then also offer a springboard for the film exports of UK. Apart from this, the BFI diversity fund has given a rise to numerous opportunities for some of the individuals for the development on a professional basis and that the supporting organizations and companies so as to demonstrate the leadership within diversity. Some of the other private funding agencies include the names of creative Scotland, Creative England, Northern Ireland Screen and Ffilm Cymru Wales offer development opportunities or funding associated to their nations (Ukie.org.uk, 2015). This further fosters commerce, creativity and the development of the film skills. More than this, the agency of the capital film, Film London, runs directly several schemes related to production that supports the making of the local film (UK stabilizes some science funding, 2013). Apart from this, the direct assistance is further provided in accordance with the form of a Film Tax Relief for benefiting the UK films that are made by the production company of the British Films and that qualify as an official co-production or Cultural test which are aimed for theatrical release and hence, have a significant expenditure for production with at least 10 percent of the making of the films being spent in the UK (Ukie.org.uk, 2015). References Blanchflower, D. (2009). WHERE NEXT FOR THE UK ECONOMY? 1.Scottish Journal of Political Economy, 56(1), pp.1-23. Humphries, C. (2006). Skills in a Global Economy: Ten Proposals for a UK Skills Policy.Local Economy, 21(3), pp.241-248. Toporowski, J. (2011). Profits in the UK economy: some Kaleckian models .Review of Political Economy, 5(1), pp.40-54. UK stabilizes some science funding. (2013).Phys. Today. Ukie.org.uk. (2015). UK games industry contributes 1.43bn to economy | Ukie. [online] Available at: https://ukie.org.uk/news/2015/02/uk-games-industry-contributes-%C2%A3143bn-economy [Accessed 10 Mar. 2016]. British Film Institute. (2015). The economic contribution of the UKs film, high-end TV, video games and animation programme sectors. [online] Available at: https://www.bfi.org.uk/education-research/film-industry-statistics-reports/reports/uk-film-economy/economic-contribution-uks-film-sectors [Accessed 10 Mar. 2016].