Creative Economy: what it means and how it affects to creators?

5 min readJun 13, 2023

In our previous articles, we mentioned the creative economy as one of the founding principles of the new reality. In the basis of this “next generation” economy the main capitalized value is new ideas.

But what is Creative Economy?

It’s an economy that exploits the achievements of the knowledge economy and is based on the materialization of new, original ideas, both in the field of scientific research and in the field of business, art, culture or design.

Globalization and the new economy have created conditions for the emergence and development of what is called the “creative economy”. The concept of the “creative economy” is defined as a group of individuals and enterprises that create cultural, artistic and innovative products and services. The system also includes spaces for creators to freely submit their works, receive feedback and share ideas.

It is primarily grounded on the creative potential, skills and talents, which are based on a modern technological platform and knowledge base, and can ultimately make a contribution to accelerating economic growth.

Impact on Influence Marketing

A few years back, creating content on the Internet was only a hobby. It seemed that only professionals (designers, fashion photographers, musicians and artists) could seriously earn money on the visual content. But nowadays art has become more accessible, and the threshold for entering the industry is much lower.

This was facilitated by the development of technology.

Over the last few years, the creative industries have come to be a lot more than just advertising or art. Now, virtually everybody can create content, and that changes the distribution of power in digital. We only need gadgets, desire and creativity to get into the industry.

Just imagine: you can make a video in a free editor, and collect a million of views, just like an advertising, shot for million dollars in the studio.

Get ready for change: digital has never been more available than now.

We see this trend in education: content creators prefer to learn from bloggers, and traditional formats are treated with suspicion. Influencer courses are usually short-term, but the information is concise and clear. In the case of new creative professions this is even more important: it is an ongoing practice. As a result, digital creators are entering the profession quickly, preferring to learn already in the process.

For example, if companie urgently need visual content maker, they would prefer to train one of their employees rather than hire a new person.

Uniqueness and creativity take precedence over technical skills.

Industries under Creative Economy

As a young and fast-growing economic sector, creative economy included such industries that profit from the creative product. In other words, they are goods and services created through creativity and have economic value, based on freedom of expression, interest and motivation.

There is no single list of creative industries. Because in the modern technological world, you can implement this model in any area and in any form of creativity: visual Art, music, design and fashion, photography and video content production, marketing and advertising and etc.

According to the Center for the Study of Generations, 91% of the members of the Z generation plan to open their own creative industry business.

Creative Economy Growth Engine

Creative economy is gaining popularity for a few main reasons:

The number of mobile devices is growing and the second generation of the Internet web is developing. This allows users to create and share content non-stop.
Social networks are actively developing, and, accordingly, the number of content creators and consumers is growing. Our generation is social media addicted and the half of our life is going on-line.

Content creators or bloggers have become increasingly professional and are launching their own products and services. Behind them is a team of producers, directors, editors, screenwriters and other professionals.

The development of the creative economy is higher than other sectors of the economy and is the fuel for innovative development.

The theory of so-called «three T»: talent, technology and tolerance is the mainbase for content creators and creative economy basics.

The main driver of the creative economy is free competition

The presence of a non-corrupt environment, is a guarantee that a modern creative worker will be able to find how to apply their talent.

If you have talent– the whole world can know about you and the way to recognition is much shorter than before.

In the past years, popularity grew up slowly: first you did something to be known, and then you built personal brand on it.

Now you can become famous all over the world in short time, build a personal brand on your talent and easily switch between spheres of influence and creativity.

Building your community, monetizing your content and allocating your resources, both creative and material, requires you to know the basics of the creative economy. Its impact on marketing has already reached a high level and will continue to grow and change every year, taking into account modern technology and the emergence of AI.

Creative industries give a significant number of jobs, especially for young people, and are considered one of the drivers of development in the world’s largest economies. If in the past, the children wanted to become astronauts, now most children since childhood aspire to be bloggers.

More than 50 million people consider themselves content creators as their full-time job. But only 5 percent get a stable high income. Others do not have the ability to appropriately monetize their content and miss the opportunities to increase their revenues. And their earnings are only 15–20 thousand a year.

The creative economy helps entrepreneurs to become bloggers, and vice versa, bloggers to become entrepreneurs.

Fanzoone can be your best assistant for applying your knowledges and skills in the creative economy, building an influencer career on our platform and become a successful entrepreneur.

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