Why Supporting Creative Industries Is Critical For The Global Economy

A new report from UNESCO shows just how hard cultural and creative industries were impacted by the pandemic.  

Although it is no surprise that these sectors and individual workers suffered as a result of the global lockdown, the economy as a whole was also hindered. In fact, the Reshaping Policies for Creativity report shows that these industries saw their valuation fall by $750 billion. 

A shift to a more digital reality within the creative industry was occurring prior to 2020, but this was not enough to alleviate the damage inflicted by the health crisis. 

According to Ernesto Ottone, Assistant Director-General for Culture at UNESCO, access to cultural content has grown, but producers of art and other creative services are finding it harder to operate.  

The report highlights four methods to ensure the success of creative professionals:  

• Public investment 
• Taking a whole-of-government approach 
• Creating more opportunities 
• Utilizing data more efficiently 

Investing into any industry has historically been the crux of a successful business. Fortunately, the cultural and creative industries are prime for investment as they make up 3.1% of the world’s gross domestic product and 6.2% of total employment. 

In terms of taking a whole-of-government approach, the report recommends incorporating offices dedicated to supporting creative and cultural industries at a government level. 

To provide more opportunities within these sectors, the report suggests that leaders should do more to ensure people have access to the necessary education, training, and employment opportunities. 

“For the diversity of cultural expressions to thrive, culture, creativity and education must be seen as going hand in hand,” the report states. 
Lastly, the disparity in data utilization has created what some are referring to as the “data divide,” which contributes to an inequitable global workforce. However, connecting creative and cultural businesses to proper data analysis can help boost policy decisions, improve employment, identify educational needs, and more.