THE IMPORTANCE OF CREATIVE ECONOMY IN THE WORLD

Creative Economy is one of those terms which even though we don’t know much about it, it is kind of obvious when we put the meaning of the two words together. Indeed, it is about how creativity favors the generation of income and job creation- which is the “hard” side of the term- besides social inclusion, cultural diversity and human development- the “soft” side of the term-.

Roughly, it is about industries such as: advertising, architecture, art, crafts, design (graphic, textile, jewelry) fashion, music, films, video, video games, concerts, scenic arts, publishing, inter-active entertainment software, radio and television. And surely we left some industries out.

With all of this and knowing that we are immersed in a content boom, it is not hard to guess that this is one of the fastest growing industries at a national level. Some data: Mexico is placed at 18 in the ranking of countries exporting creative products (1) although it may not sound like much, it is no.1 at the Latin American level; it contributes 7.5% of the GDP and it is the 3rd or 4th economic sector in Mexico – only after manufacturing, oil or tourism-. Furthermore, in countries such as ours, where informal economy is so widespread, we should not forget informal creativity (which is estimated to represent between 24 and 40% of the cake) (2).

In other words, while the country has a 2% economic growth index, these industries are growing up to 10%. One of its main strengths is that they are not that influenced by economic crisis; in theory all that is needed are talented people with the capability to generate innovation and aesthetic and social content who can meet the current constant demand.

But what is the dark side of this?

Even though this is not about a limited input such as oil, it is a challenge to think of creativity as inexhaustible.

Increasingly we see more things written about creative burnout: from tips on how to fight it to what it teaches us. Or for example, they talk about the scandalous percentage of blockbuster TV series and movies that are nothing but adaptations of other material: The Lord of the Rings, Game of thrones; successful series such as American Gods, The Handmaid’s Tale or Big Little Lies. All of them examples of stories based on books. And not to mention the increasingly lucrative industry of super hero movies based on old comic books.

In the context of creative industries it is especially relevant to ask ourselves, how demanding is it to be creative? Is it exhausting to be constantly innovating? Are we in a crisis?

The truth is that we live in an age in which more and more is demanded from us: Be good at everything, be better day by day, and of course being creative is not the exception. Your competitors can be more creative than you; you need to be more creative than yourself in the past. New formats, new media, new content, new ways of doing things. This does not seem like it is going to stop.

Creative economy seems to be a safe bet for the future, even for the traditionally non-creative industries which have to find new solutions, hire people with out of the box profiles, and carry out processes in different ways. It is about a basic skill that represents money and it is necessary to constantly nourish it with new tools. If your company or business does not have this, now is the time to consider surrounding yourself with partners who can be your creative right hand and that can elevate the innovation level that the context demands.

 

References:

1.- http://centro.edu.mx/CENTRO/es/economia-creativa/
2.-https://www.eleconomista.com.mx/arteseideas/Estamos-en-la-epoca-de-la-economia-creativa-20160223-0106.html