Actinoid Group Industry Updates

Future Of Creative Economy

The term "creative industries" originally originated approximately twenty years ago to describe a wide range of activities, some of which are among the oldest in history and others that emerged with the advent of digital technology.

Longer ahead, the creative economy is projected to be a key engine of economic progress as governments throughout the world work to rebuild their economies following the Covid-19 recession. It is reasonable to expect the industry to resume its long-term trend of outperforming the broader economy. The underlying drive of creative economy growth is that when consumers have more money to spend and have progressively satisfied their need for other products and services, they are more inclined to spend it on creative sector outputs. Trends indicate that the creative economy might increase by 40% by 2030, creating more than 8 million new employment in the nine economies analysed.

Longer term, the creative economy is expected to be a crucial engine of economic development as governments throughout the world seek to rebuild their economies in the aftermath of the Covid-19 slump. It is realistic to anticipate the industry to revert to its long-term tendency of rising faster than the overall economy, given advertising, for example, is expected to rebound robustly alongside the overall economy, and other sources of revenue have shown more resilient.

The basic engine of creative economy growth is that when consumers have more money to spend and have more satisfied their need for other products and services, they are more inclined to spend it on creative sector outputs. Extrapolating from previous patterns, the creative sector might increase by 40% by 2030, creating more than 8 million new employment in the nine economies evaluated.

It is necessary to encourage the development of new capacities in order to face the exponential leap in the use of digital tools, to design measures to counteract the growing trend of concentration, to protect the digital commons, to ensure a diverse content offer (geographic, thematic, and identity), and to update regulatory frameworks that were historically designed for the analogue world.

The creative economy's nature will continue to develop, and whole new industries may emerge. Advances in one area are likely to spur growth in other sectors of the creative economy, an ecosystem that – in many ways – thrives (or fails) in a virtuous cycle together.

Creative Supply Chains: The nature of the creative economy will continue to evolve, and entirely new sectors may arise. Advances in one area are likely to inspire growth in other areas of the creative economy, an ecosystem that flourishes in a virtuous cycle together in many ways.

Shared IP: Whereas many areas of the creative economy rely on common designs, stories, characters, and worlds. Creative Technology: The technology and creative sectors are rapidly merging, and this is only going to grow worse as AI, new VFX approaches, and collaborative tools in production become more important. Regional Development: Creative sector clusters are expected to play a larger role in a broader range of areas over time.

Skills Policy : With the development of creativity becoming a more important objective for the educational system, as well as the wide range of technical skills necessary to support the creative economy. Global Competitiveness : The benefits for nations and regions that are competitive in the creation of creative goods and services are growing as the global creative economy grows in size.

As a result, the relevance of the creative economy to overall economic performance is projected to increase. As a result, its significance in policymaking is expected to rise further, with nations better positioned to capitalise on the underlying expansion in global demand. While this study focuses on established economies, middle-income nations are expected to demonstrate even better growth if their whole national income increases quicker.