Nearly half of payments made to creative industry companies were late last year, leaving the industry over a billion pounds out of pocket at any given time, new figures reveal.
MarketInvoice research shows 48% of invoices to creative industries were paid late in 2018, totalling £1.1bn.
A typical invoice worth £38,137 was being settled 13 days beyond payment terms, the data shows, with one in seven companies taking more than 14 days to pay on time.
However, the frequency of late payments was lower last year than in previous years and has fluctuated significantly in recent years. In 2017, 64% of payments were late, compared with 54% in 2016, 66% in 2015 and 55% in 2014.
The creative industries, which provide film, TV and design services as well as advertising and publishing, are typically populated by many smaller companies that are more vulnerable to stoppages in cash flow.