There are many ways to evaluate the size and growth of the creative economy. It is not in the scope of this document to authenticate or directly research what has been well documented elsewhere.1
Many studies and analyses have been carried out that attempt to measure revenues generated by a selection of industries that are generally considered to have creativity at their core. Various commercial activities ranging from Television and Film Production and the Music industry to Advertising, Publishing, Gaming, Live performance, Art & Design and Software development (the ‘core’ creative industries) have been shown to produce global growth figures in excess of 5% per annum. Some leading countries are reporting growth rates in the creative sector approximately three times that of the rest of their economy.
However, these evaluations are necessarily limited in their scope. They make no effort to evaluate the effect of creativity on large manufacturing or service industries. Many global corporations who’s international competitive superiority is based on innovation rely heavily on the creativity within their own organisations. They recognise the value of creativity even though it cannot be audited and accounted for on the corporate balance sheet (other than the speculative practise of valuing intellectual property assets such as patents, trademarks and copyrights).
There can be no doubt that there are large financial benefits to be had from the stimulation of a creative economy on a regional and national scale. However, this is only one side of a multi-faceted proposition. The additional benefits of thriving creative activity extend into all areas of society. From improved living environments to greater options for entertainment and associated life-style enhancements, the intangible effects of creativity are arguably greater than the tangible. Any city or regional administration that desires to sustain economic growth must engage comprehensively with the culture of the society that forms it. A successful, economically vibrant society of the future will be one that is culturally advanced and relevant on a global scale.
In order to respond to the changing needs of creative economic activity and stay at the forefront of social trends, it is first necessary to understand the motivations and needs of creative individuals and creative based companies. Before that, however, it is important to appreciate the global context that creative organisations exist within and the effect of advances in technology on that context.
1 see bibliography for list of recommended sources
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