Creative Industry and its Importance in Different Sectors of the World.
The impact it's made, and the impact it's making.
What are the Creative Industries?
The creative industry has the intellectual property with the potential to be advertised and commercialised which includes:
music and performing arts,
film, television and radio,
advertising and marketing,
software development and interactive content,
writing, publishing and print media, and
architecture, design and visual arts.
The creative industries are innovation led, explorable, knowledge intensive and highly exportable, and make a larger contribution to GDP than a number of traditional industry groups.
Visual artists use interactive and moving images, performers use digital media in site-specific works, and collaborative teams create sophisticated productions that captivate our senses.
Technology provides with new possibilities for creatives – in the creation of their works, as new outlets for their creativity, and as a means of promoting and distributing their work. Cutting-edge use of digital technologies produces networked performances and cultural experiences.
Stats show employment in creative industries is growing 40% faster than the Australian economy as a whole.
To see how India is using the soft power (ways of influencing others by co-opting rather than coercing) of its Creative Industries to become a superpower, you should check out this TED talk by Shashi Tharoor.
He says “India is fast becoming a superpower— not just through trade and politics, but through "soft" power, its ability to share its culture with the world through food, music, arts, technology, Bollywood.” He argues that in the long run it's not the size of the army that matters, but the country's ability to influence the world's hearts and minds does.
Why is the Creative Industry Important?
The creative industry has become an unexpected strategic sector to boost competitiveness, productivity, employment and sustainable economic growth. Moreover, it is being used more frequently to promote social integration and social values, cultural promotion and as a source of information as well as knowledge. Its dynamic character has shown how not only this industry is growing itself but as well how its implementation is helping to boost other industries in uncertain periods.
The expansive time that this sector is living can be widespread. Some of these creative industry companies have advantages that are as follows:
• Companies associated with creativity and new communication methods are in a continuous expansion and every time their social and economic role is more important.
• The value of a product, in the present times, is higher based on its originality, uniqueness, performance and appearance.
• Creative people with good communicative skills and problem resolutions are more demanded on the labour market.
• Currently this industry is a tool for innovation and it can be implemented in many other industries, creating synergies with other sectors.
• Digital revolution is redirecting consumer needs and thus company’s production plans and actions.
• New business opportunities and market niches are continuously updating.
Despite the many advantages of the sector and its contribution to economic growth, it also faces common yet diverse challenges. Some of them are:
• Financial deficiency
• As creativity can be intangible, some people find it difficult to give a fair value. This, in turn, results in undervaluation.
• There are still important structural problems that need investment
• Lack of knowledge in other sectors about how to create synergies and collaborate with the creative industry.
• Difficulties in some of the industry sectors for their globalisation.
• Lack of vocational training in accordance with its dynamism.
Despite the existence of loopholes, the potential of the industry indeed is strong enough to overcome these barriers. Due to the environment in which companies are developed and the openness of global markets, companies need to enhance their competitiveness and strategise to reach the correct audience. For this reason, establishing relationships and cooperating with international companies is essential.