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Creative economy: how does it work?

Learn what the creative economy is, how it works and what it can bring in times of financial crisis. When it comes to lack of productivity, economic crisis, unemployment, companies and micro-enterprises can check out this alternative.

The creative economy is a self-explanatory term, which puts the economy together with creativity. It shows itself as a solution for any business and sector. After all, having creativity is practically an essence in business administration, in order to bring new solutions and continue to touch commerce with the creative economy.

Create a product, create jobs, develop new methodologies. We can very well use the creative economy to generate more income. Interested in how this area of ​​the economy works and how to use it in turbulent times? Continue reading and understand.

What this article covers:

What is creative economy?

Imagine placing creativity as the central factor of your business, where what will motivate the creation of services and products will be creative ideas. This is creative economy.

Source/Reproduction: original.

Being that you can even put the values ​​of your products that will attract more people. This is one of the interesting points of the creative economy, as you work with products and services that convey a message according to the creation process.

So the value of what will be commercialized will come from intellectual property, from the ingenious ideas of users of the creative economy. The more creative the more value it will have.

How does the creative economy affect economic growth?

The creative economy strategy has been successful for a long time, including in several countries. So much so that it manages to move the economy in several sectors, mainly for formal workers.

The creative industry in Brazil has already managed to generate billions of reais (R$ 171.5 in 2017 alone) and still represents almost 1 million formal workers, according to data from Firjan.

Another survey, this time by the Inter-American Development Bank, compares the creative economy with the GDP ranking, where it would have the fourth position with 4.3 billion dollars.

And the creative economy continues to affect economic growth, with around 145 million formal jobs worldwide, mainly in China, the US and Europe.

In Brazil, the creative economy has everything to be the fastest growing sector. That’s because even with crises, lack of infrastructure and investments, people’s creativity never runs out.

What is the impact of the creative economy on society?

Our country is among the best when it comes to the impact of the creative economy on society. This is because we can generate unique cultural experiences based on the ideas of entrepreneurs and their employees.

What is the impact of the creative economy on society?
Source/Reproduction: original.

It is possible to use this modality and impact people by turning new ideas into a product. It is possible to achieve success with creativity and have social and economic gains, by providing more work, growth and competitiveness.

But the outstanding factor in the impact of the creative economy on society is inclusion, which brings together small entrepreneurs, artisans, artists, and many other social groups.

What are the challenges?

Just as we have excellent surveys on the creative economy, it is also necessary to pay attention to the challenges before entering the business or applying to your company.

Vulnerabilities exist in any industry, but to survive at the real pace companies must understand that it takes more than creativity. The creative economy entrepreneur needs to have quality in his product and service.

Platforms, streaming, games, applications and other examples of innovation can offer an exclusive or standardized entry, or a more universal one. You need to connect the target audience to the product of your creative economy.

What are the main industries in the creative economy?

In order to better direct you to the vast opportunity in the creative economy, we have listed some sectors or niches to explore. See these examples:

  • Music;
  • Performing Arts;
  • Literature and publishing market;
  • Visual or Audiovisual Arts;
  • Games;
  • Animation;
  • Software;
  • Advertising and marketing;
  • Radio and TV;
  • Fashion;
  • Design;
  • Architecture;
  • Popular culture and historical tourism;
  • Gastronomy;
  • Craftsmanship;
  • Entertainment;
  • Events.

There are no limits of sectors or industries in the creative economy, and the internet is the greatest tool. By the way, we did not mention it before, but technology is the most valued and profitable sector.

Brazilian companies are increasingly technological (industry 4.0) and make interesting mergers. Technology professionals have their space guaranteed in the creative economy, such as in the development of apps, software, big data and the internet of things.

As well as artistic professionals, audiovisual producers, filmmakers, etc. Only in Brazil, we have infinite experiences and enormous potential due to the culture, musicality, diversity and creativity of its people.

Use creative economy both to generate main income, to have a profession based on it, and also to boost your business in any other niche.

After all, you can check out what the creative economy is, how it works, some impressive numbers and understand how it has the potential to attract great business and positive impacts on society.

Find more tips on the creative economy and many other areas to elevate your finances here on our portal.

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