Creative economy is a concept that defines ideas and businesses that are driven by cultural, creative and intellectual capital. The market that involves creative economy initiatives is called creative industries and they involve actions and activities that are related to the production and distribution of creative and often alternative products and services.
The concept of creative economy is the driving force behind digital transformation, and the creative economy is one of the greatest economic expressions of the moment.
Creativity is one of the most popular skills in 2019, according to a survey by Global Talent Trends 2019, from LinkedIn. This skill is what everyone wants, but don’t know how to develop, and with social media and advances in technology, it became easier to find ways to spread the word!
But how to make it efficiently?
The relationship between creativity and economics is bigger than you would imagine, and this article is about how these concepts mix and how they are changing consumption patterns in 2020.
Creative economy is the concept that defines businesses that involve not only economics, but also culture, creativity and technology, in the contemporary world, that is, our world today that is dominated by social media that explore images, texts, sounds and symbols all the time.
Some examples of creative economy in our daily lives are companies like Uber and Uber Eats, Rappi, Netflix, etc. These companies are disruptive, innovative and functional technologies. These services emerged from an idea that sought to solve common problems in the lives of people around the world, every day.
These ideas quickly became popular and valuable, and today these companies are worth billions of dollars aka, they are unicorns!
There is no specific regulation to define the different sectors of the creative economy, this varies between countries, but the main sectors of the creative economy, regardless of region, are those that encompass technology, architecture, design, games, culture, entertainment, arts and audiovisual in all their expressions.
The creative economy is a sector that seeks to understand, entertain, engage and help the public, launching products and services that are based on ideas for the most diverse purposes. It can go from a simple craft fair to even the most modern and technological streaming we’ve seen in recent times.
Creating jobs, generating income and boosting the dissemination and export of cultural elements on a global scale, as we see in the streaming of films and series
Ok, but how is the creative economy developing in 2020?
The creative economy has been changing the market for a reason that may seem simple, but it has quite an impact: it seeks modern solutions to old problems and the ones that do not yet exist. And, with the speed at which everything is changing, working with creative aspects means the search for survival in today’s highly competitive scenario. Because of this, companies are running faster and faster to improve existing services and seek new business opportunities.
Efforts like these have been gaining more and more space in the world economy and from them, companies and professionals who seek the different and the new, take the lead. You have to think outside the box!
If a few years ago, the creative economy was seen only as the sector that encompassed startups, today, the vast majority of companies seek to take advantage of their opportunities and adapt the concepts opened by them. It is a worldwide trend that has no prediction of shrinkage or end.
With the increase in access to information, as well as the great offer of gadgets and digital innovations, companies are able to better study consumer behavior and sell a product or service that is what they hope to consume.
Recent research shows how sectors and companies in the creative economy manage to keep the wheel of the economy spinning even in scenarios of recessions and crises. In the years 2015 and 2016 alone, the creative economy managed to add up to about 155.6 billion reais in Brazil. In countries like the United Kingdom, creative economy initiatives are already part of local economic plans, and in Germany and the United States, it has become part of industrial practices and policies.
In 2020 the world stopped because of a pandemic, which made all sectors rethink how it would be from that moment on. This crisis went beyond health and impacted all areas of life in society, and the economic scenario was no different. Protection measures with recommendations for isolation, quarantine and lockdown have suspended commercial activities and harmed not only the self-employed, but also other small businesses.
And, at that moment, once again the creative economy initiatives were present in a new reality where there were no more bars or restaurants, just deliverys for apps, cinemas, theaters and shows, became lives and a big increase in access to catalogs of streamings.
Consumption had to change and companies that were born from modern ideas have managed to adapt and expand their businesses, while those who have remained with old ideas and resistant to improve and change, have been experiencing the effects of a long period of social isolation that has yet to end.
While there is still no vaccine for this virus, there is a way out to try to alleviate the problems that came with it, and that way is called creativity!