What is the value of creativity in today's global economy?

July 25, 2017

What is the value of creativity in today's global economy?

@htd_o

 

How much do the creative industries contribute to the global economy? A new study has quantified, for the first time, the economic and social contribution of cultural and creative industries (CCI) around the world.

Conducted by Ernst & Young and jointly presented by UNESCO and the International Confederation of Authors and Composers Societies (CISAC), the study analysed 11 CCI sectors in Europe, North America, Latin America, Africa, the Middle East and the South Pacific region, focusing on everything from architecture and advertising to television.

 

Bigger than India

All 11 cultural sectors combined generated $2,250 billion in revenues (3% of world GDP). The highest earners were television ($477 billion), newspapers and magazines ($354 billion) and visual arts ($391 billion).

Revenue from creative industries exceeded those of telecommunications services (which comes in at $1,570 billion globally) and even surpassed the entire GDP of India ($1,900 billion).

 

Just the job

Creative industries generated 29.5 million jobs, which employ about 1% of the world’s active population. The top three employers are visual arts (6.73 million employees), books (3.67 million) and music (3.98 million).

Creative industries also employ more people than the automotive industry in the United States, Europe and Japan combined.

 

Innovative and inclusive

Researchers found that creative industries are open to people of all ages and backgrounds, and provide a significant contribution to youth employment and careers.

In Europe, cultural sectors employ people between the ages of 15 and 29 more than any other sector; they also have more women participating in them than traditional industries. Statistics compiled by the government of the United Kingdom show that women accounted for more than 50% of the people employed in the music industry in 2014, compared with 47% of the overall active population.

Small businesses and individuals are key and give rise to innovative and agile employers and workers. In the United States, artists are 3.5 times more likely to be self-employed than the rest of the US working population, according to the study.

 

This article was originally written by José Santiago and full credit goes to World Economic Forum, which is where the article was originally published in 2015. This article has been reprinted for the purpose of education.





Also in Portal's Daily Dose

How to nudge your way to better performance
How to nudge your way to better performance

January 17, 2020

People face so many pitfalls on their path to making reasonable decisions—whether they’re a consumer making a purchase or an employee meeting performance goals—how do you make it more likely that they’ll land on the most beneficial decision for them and for your organisation? 

Continue Reading

Changing mindsets and behaviour, one “nudge” at a time
Changing mindsets and behaviour, one “nudge” at a time

January 10, 2020

Our understanding of the unconscious mind has come a long way since Sigmund Freud, grounded in decades of research into what drives ordinary, everyday human behaviour. Today’s behavioural scientists like to say that we are predictably irrational. And what can be predicted can be managed, at least to some degree.

Continue Reading

How to Break Up with Your Bad Habits
How to Break Up with Your Bad Habits

January 03, 2020

Breaking habits is hard. We all know this, whether we’ve failed our latest diet (again), or felt the pull to refresh our Instagram feed instead of making progress on a work project that is past due.

Continue Reading