The British government unveiled a £60 million ($73 million) package to support the growth of the creative industries at the Creative Industries Growth Summit in Gateshead on Friday.

Culture Minister Lisa Nandy introduced the funding scheme to more than 250 creative businesses and cultural leaders at the Greenhouse International Music Centre.

The plan includes $48.7 million allocated for the next financial year, targeting film exports, video game start-ups, grassroots music venues and creative enterprises outside London. The British Business Bank will increase its support for the industry, which currently contributes more than $150 billion to the UK economy.

Funding includes $19.8 million for the Creative Growth Initiative, $6.7 million for the UK Games Fund, $8.5 million for the UK Global Screen Fund and $1.9 million for the Music Export Growth Initiative. Four cultural projects will share $19.7 million from the Cultural Development Fund.

The government has designated 11 priority areas for creative development, including Greater London, Greater Manchester and the Edinburgh-Dundee corridor. Six joint mayoral agencies will receive additional funding, with an amount to be determined at an upcoming spending review.

The summit, attended by representatives from Netflix, Spotify, Warner Bros., the National Theater and the British Museum, marked the first step in the implementation of plans for the creative industries sector as part of the UK’s Modern Industrial Strategy.

“From film and fashion to music and advertising, our creative industries are truly world-class and play a key role in helping us deliver on this government’s mission to drive economic growth across the UK,” Nandy said. “Our £60m of funding will support creative and cultural organizations across the UK to drive growth by transforming local venues, creating jobs, supporting businesses and spreading opportunity across the country.”

Chancellor of the Exchequer Rachel Reeves added: "Our first priority is growing the economy and our creative industries are a British success story and will play an important role." Meanwhile, Foreign Secretary David Lamy announced A new soft power commission has been set up to promote British culture overseas and drive investment.

Adrian Wootton, chief executive of the British Film Commission, said: “British film and TV are loved around the world and a key sector driving growth in the UK economy. We were delighted to hear about DCMS’ plans for growth in the creative industries and the Government’s plans for film and TV We particularly welcome the confirmation of £1 million in funding for the UK Film Council.”

The full creative industries sector plan is expected to be published this spring, with further policy announcements planned in the coming months.