Creative Economy, Creative Industry, Cultural Industry are synonymous in the very foundation from which the terms are derived. All referring to economic activities which are concerned with the generation or exploitation of knowledge and information.
However, in this article, we will discuss ‘Creative economy’, a concept developed by John Howkins in 2001.
As per Howkins, Creative economy comprises of advertising, architecture, art, crafts, design, fashion, film, music, performing arts, publishing, R&D, software, toys and games, TV and radio, and video games.
What is Creative Economy?
John Howkins describe it as the economic system, where the value is based on novel imaginative qualities rather than the traditional resources of land, labor, and capital.
He included R&D, software, toys and video games which were not part of the Creative Industries. These fields have a huge significance in the 21st-century digital revolution.
Creative Economy of India
Although John Howkins coined the term Creative Economy, this economy existed prior to 2001. However, it was identified and defined by him so that, the relevance of this economy can be spread and discussed in governments across the nation.
In India, the creative economy is generally linked with the media and entertainment Industry. Which, as per a report shared by KPMG, will reach 37.55 Billion USD by 2021. The Industry employs close to 4 million people and contributes 2.8 percent to India’s GDP.
Social media Impact
In this Internet Era, Social media has taken precedence over every other aspect of life. And the impact of it on every individual’s life has been mind-boggling.
While some find it to be a bane, for a lot of Creatives out there, it definitely is a boon. A majority of youths rely on Youtube, Instagram, Vimeo etc to exhibit their creative skills. And few others have learned the art to lure a lot of viewers every day through their creative work.
I reckon these aspects should also be part of the Creative Economy, as these are the present generation’s successful creative revenue models.
In the Future:
As the Creative sector is growing and many of the Entertainment Industry giants are gazing at India to increase their Consumer base, there will be a huge necessity to improve or develop creativity in the country.
The government should bring in a change in the Education system, a system that identifies the talents and nurtures it rather than shoves a century-old system where academics beats creativity.