The uncertain future of UK ad industry after Brexit
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As of 2017 reports, UK advertising industry has hit services of worth $7.8 billion (£6.9 billion) overseas.
Out of this export, the US turned out to be the biggest buyer of advertising services from the UK ad industry, worth $1.2 billion in 2017. France, being the second at $740 million and Germany, standing at third with $700 million purchased. On the whole, $3.6 billion of advertising services have been sold to European Union in 2017. This data is collected from the most recent statistics made available by the Advertising Association UK.
Jellyfish, one of the most prominent digital ad business of UK, gives it ad services to big US companies including Uber, Ford and Ebay. It has also initiated a campaign for US independent wine store Total Wine & More by using Google’s marketing platform.
Crowd, a British agency, ran a digital campaign for Napa Valley Film festival last November. Moreover, the first full-day event at the South by South West Festival in Austin, Texas in March 2019 was also run by a UK ad industry.
The total figure of $7.8 billion overseas sale of ad services in 2017 show that the statistics are 18% higher than the ad services sold in 2016 which made a total of $6.5 billion. This is a greater figure than the exports done by other legal services, insurance and publishing. However, the telecommunication and engineering services are still ahead, IT being UK’s biggest export industry who acquired a figure of $10.7 billion in 2017 through its overseas sales.
However, the main point that is stuck in the minds of the people belonging to ad industry is regarding their future beyond Brexit. Britain’s ad industry is known for its diversity in hiring the talent from all over the world. In 2017, it launched a campaign to highlight the significance of the diversity of the people in the industry. The UK Advertising Association has showed its keenness in continuing to work with European Union and the Americas even after Brexit happens.
According to Stephen Woodford, Chief Executive of the UK Advertising Association, a ‘No deal’ Brexit is a great point of concern for the UK advertising industry. The future of Brexit is going to decide the future of the industry.
Regarding the fact that it contributes $150 billion to the UK’s GDP, it would be a great loss if Brexit happens as the business with European Union will suffer great loss due to the restrictive measures imposed on the exports.
The Advertising Association demands the government to negotiate regarding three essential points for the advertising industry which include: continuation of the cross-border data flow, increase in broadcasting channels to continue cross-border advertising services and a flexible system that does not hinder hiring the best talent from overseas.
Despite whatever the situation is, the US will still be seen as the biggest buyer. In fact, it will have a chance to replace the purchase of ad services being done by European countries previously. And so, the figure of $1.2 billion is likely to grow in the following years.