The rise of the Creative industry

14. The rise of the Creative industry 10 Best Reliable UI UX Design Companies in 2022

After a year of pandemic-induced lockdowns, there’s never been a better time to appreciate the creative economy. The United Nations is doing just that as it celebrates 2021 as the International Year of the Creative Economy for Sustainable Development. As the coronavirus pandemic shuts down traditional living spaces, many people have taken up a craft, read a book, watched endless series and movies, hooked up to digital concerts, or shopped online for the latest fashion. They eventually helped sustain the creative economy that spent its day – or rather a year – in the sun.

In general, the term “creative industries” refers to a range of economic activities related to the generation and commercialization of creativity, ideas, knowledge, and knowledge. The term “creative industries” describes businesses that have creativity at their heart, such as design, music, publishing, architecture, film and video, crafts, visual arts, fashion, TV and radio, advertising, literature, video games, and the performing arts.

According to a new report, the digital and creative sector will need 1.2 million new employees by 2022 to keep up with its growth. It also highlights the underrepresentation of women and ethnic minorities in the sector.

Around 2.1 million people are employed in digital and creative sector jobs in the UK, with almost half of the report found to be in London or the southeast. The creative sector includes arts and entertainment, broadcasting, and film. Separately, London and the southeast make up the two largest segments of digital and creative employment, followed by the east of England and the northwest, which the report says saw significant growth.

Defined creative economy

  1. Ethical fashion – Companies that make clothing, footwear, jewelry, and accessories that proactively address industry challenges related to workforce, environmental impact, governance, and cultural heritage preservation.
  • Sustainable food – Manufacturers and providers of food and beverage products and experiences that proactively raise consumer awareness of resource conservation, cultural heritage preservation, and/or access to healthy food.
  • Social influence media – Companies that leverage the power of communication, storytelling, and technology to drive positive social outcomes at scale, provide a platform to underrepresented voices, and/or build a diverse workforce.
  • Other creative businesses – Other facilities, input, production, and distribution businesses in the arts, design, culture, and heritage industries that are sustainably run, provide quality work, and have a social impact.
  • Creative Places – Affordable, real estate projects that target creative people or businesses in the creative economy and benefit their neighbors, such as affordable workspace for artists and creative economy businesses.

How does the creative economy contribute to growth?

The nature of the creative economy will continue to change, and entirely new industries may emerge (as radio, television, video games, and podcasts have so far done in the 20th and 21st centuries). Symbiotic relationships between segments are likely to mean that advances in one part will foster growth in other parts of the creative economy. These relationships include:

  • Shared IP – Where different parts of the creative economy use shared designs, stories, characters, and worlds. This effect can be seen in popular series that generate huge revenues in many creative industries, from Pokémon to Harry Potter. It can also be seen in lesser-known books, songs, and other creative work used as IPs in movies, television shows, video games, and other mediums that promote this content to new audiences.
  • Creative supply chains – Strength in the software, music, or craft (making sets, costumes, etc.) sectors can make a country or region more attractive, for example, as a destination for investment in new film and TV and investment in new film and TV. TV shows can drive growth-boosting demand in supply sectors (including those affected by the Covid-19 pandemic, such as music).
  • Creative technology – There is increasing overlap between the digital and creative industries, and this will only increase with the increasing role of AI, new approaches to VFX (including the use of gaming platforms in the new film and TV production), and collaboration tools in product.
  • Regional development – Creative industry clusters are likely to play a more important role in the wider region over time.
  • Skills policy – ​​With creativity becoming an increasingly important priority for the education system and the broad range of technical skills needed to support the creative economy in growing demand.

Conclusion

The importance of the creative economy for overall economic performance is likely to increase as the creative economy could grow 40% by 2030. This means that its importance for policy making will continue to grow, with countries well-positioned to benefit from the fundamental growth in global demand. While this study focuses on advanced economies, middle-income countries are likely to show even stronger growth as their overall national income grows faster.

So, there is a lot more to come in Creative Industry and we have a lot to explore in this field.

-Amrin Ahmed

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