Creative economy is a reality in prevailing fast paced technology and businesses era

Image Credits: - Mohamed Hassan from

There are numerous pathways via which lead businesses can aid the sector like mentorship, offering grants as well as encouragement of native art scenario.

The global governments have taken unprecedented judgements for dealing alongside a huge global turmoil in form of the deadliest ever Pandemic that had hit hard the humanity the preceding year. For curbing out and restricting the further spread and aftermath of deadly pandemic that trembled entire human race and still doing so, there were lockdowns and restrictions imposed from meeting close companions, working from remote or home instead of office travel and work, as well as any kind of public related engagements.

Numerous of us have now taken devoted ourselves to the company of the reading viz books, binge viewing the idiot box Televisions, taking up creative forms like arts and crafts, attending online events as well as concerts, virtual tour and exploration of museums, galleries, etc within the COVID-19 drive-based limitations.

The creative economy is a mutual name given to a consortium of industries like that of advertising, art, architecture, publishing, digital media and computer gaming among others. It accounts for about 3 percent of global gross domestic product, according to a 2019 report.

In the US, the importance of culture and arts generated in 2019 was almost $919.7bn, accounted for about 4.3 percent of the nation’s GDP. The arts impact more to the US economy than agriculture, mining, transportation or construction.

According to The Art Basel and UBS Global Market report available the preceding year, one third of galleries are anticipated to have decreased their staff by half during the pandemic.

Governments around the world were mindful of the hurricane faced by the creative economy and took strides to alleviate at least some pressure. For an Illustration: – The Philippines offered personal financial assistance to creative workers, while the UAE launched The National Creative Relief Programme, which submitted financial grants to freelancers and smaller enterprises operational in the creative and cultural industries sector.

As we gently move back to normalcy, it’s time to commence and head start encouraging and realizing the output of creative industries, and for firms to aid governments and assist them to bounce back. From mentoring and offering grants, to backup the local art scene, there are countless things they can do.

Banks and financial associations can satisfy their corporate social responsibility finances to aid public and firms associated with creative economic sectors. This can be done in the form of grants and specific loan programmes that can facilitate them nurture and build up their firms during challenging times.

Just as crucial as it is to offer financial backing – an invaluable step by financial institutions – it is also critical to offer business advancement advice and training to freelancers and SMEs operating in creative sectors. Enterprises and financial institutions can assist creators and backing them in moulding their operations.

Another way to boost the creative economy is for organizations to work with freelancers in their native communities. As a Substitute of only opeartional with substantial agencies, enterprises must seek native talent – whether videographers, artists, social media account managers or illustrators and commission them for their advertising and marketing requirements.

The creative economy, which facilitated many of us experience the loneliness that became identical with the pandemic, was one of the most adversely obstructed segments of the economy post the retail and tourism sectors. UNESCO assesses it employs about 30 million individuals globally and in 2020 the termination of public feats outlaid the authors 30 percent of their global royalties, while the global film industry alone wasted about $7 billion in revenue.

Business can additionally assist young, creative university graduates with apprenticeships, offer out training and assist them build their resumes for the job market during these tough times. If a business can afford to, it should also unveil paid internship programmes to financially boost creatives.

Media houses and publications have a role to play as well. Publications or broadcasters should contribute a special segment every week to shed light on native creative talents or institutions. The awareness they generate can improve connect them to clients and boost their enterprise during the pandemic.

The simplest way to boost the creative economy is by financially backing small enterprises, institutions and freelancers. Purchase art by regional artists.

Online galleries such as displays out the arts by local talent, which can be bought as corporate gifts. Museum memberships, annual tickets to regional cinemas as well as theatres can also be good corporate gifts.

Backing for the creativity economy can take multiple forms, and it doesn’t necessarily dent balance sheets. The creative economy has facilitated us endure tough times and it’s time we paid it back.


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