Lack of investment ‘stifling’ Britain’s creative industries

The former boss of music label EMI has warned that a lack of government strategy and a shortage of private-sector investment is stifling Britain’s creative industries.

Roger Faxon, chairman of digital product-placement firm Mirriad and a non-executive ITV director, told The Independent: “I don’t believe the infrastructure provided by the taxpayer and the investment community is of a level needed to generate the kind of success you see abroad. It’s a shame as the talent is strong, if not strong-er, than in other countries.”

Mr Faxon added Britain must do more to invest in new technology. “The UK has been an engine of creativity for the world – for film, for TV and most especially in music. Where it has not been as effective is in the development of new technologies and the development of the new economy.”

However, he was upbeat about how Britain’s TV industry “is embracing technology”, suggesting it was the most advanced “of all the busineses I know”. He cited the performance of Mirriad, a six-year-old London start-up which uses software to help broadcasters insert advertisers’ products seamlessly into TV shows in different countries – for example, replacing a Bentley car with a Mitsubishi in an episode of US TV drama Hannibal in Brazil.