Anyone could have seen it coming.
With the amount of attention some governments (such as the UK) have been paying to the economic potential of creative industries, it was only a matter of time before the traditional moneymakers came knocking on policymakers’ doors asking for handouts.
The UK music industry is now calling on its government to extend the research and development (R&D) tax-credit scheme to music companies.
Naturally, the industry lobby group appeals to the notion of keeping the local industry at the forefront of the global music scene – something that often appeals to politicians regardless of the industry – and a boost in VAT the government will collect from increased sales.
Government assistance to ailing and beleagured cultural and creative industries in small nations is something that most people would not take to task. But seriously. The UK is one of the largest exporters of cultural goods in the world, and is the UK music industry seriously under threat from lower cost or more innovative producers from foreign lands?
This attempt at lobbying fires a salvo across the bow of policymakers around the world looking to boost investment in R&D and in the creative industries in general: caution needs to be taken when formulating industrial policy and incentive packages. incumbents will always come knocking.