The Creative Economy: is it a source of value creation or not?

18/06/2018 Bárbara Gual

Have you heard of Creative Economy? Despite being a recent area, it has been used in a constructive way by entrepreneurs, institutions and government to develop projects with a more sociocultural nature. The creativity, culture and economy pillars are currently a tripod used as the basis for the growth and development of the individual and the nation around them. Through these pillars it is possible to promote a form of entrepreneurial, sustainable development, strengthening the idea of cultural identity and the relations built in terms of space and territory. All this set of characteristics is within the Creative Economy. It assists in the creation of public policies, protection of copyright, organization of innovation networks and encourages the market around them. The most important principle of it is to bring alternative activities to the current economy, to encourage and foster business intelligence, to promote networking among the numerous areas, to create a horizontalization of these, and thus to unite scattered creative groups and meet new talents.

But what does this economy bring of new?

The areas covered by the Creative Economy are not a consensus among the researchers. In the diagram below it is possible to know the most cited areas.

Here in the blog I will focus on the Creative Economy in the visual arts. What can we consider a visual art?

This area of the creative economy covers these arts presented in the figure 1, including those involving technology such as photography, graphic arts, film and television. Through these arts it is possible to interpret works, carry out exhibitions, exhibit curatorship, make consulting of artists, sale artworks, export of creative products, among other services.

The relationship of references and the aesthetic study of these products brings an individuality and specificity to each work, a feature that is much used in the Creative Economy, where the visual arts are built in production spaces and galleries, art offices, exhibitions of new artists and / or already renowned, all to strengthen the sector. This market for the visual arts has come true in the last 15 years. According to the UNCTAD report [1], for example, it has experienced annual growth of nearly 13 per cent since 2002 in developed economies and a 24 per cent share of the markets of developing economies.

Does Creative Economy make money?

The company with creative focus creates the new product or service, not only as a new knowledge, but with innovation, inserting the new in the economic world. It becomes a product of the Creative Economy when it is grouped creativity, innovation and economy and thus, generate profit upon creation.

But how is the value of creativity measured?

According to the newspaper Valor Econômico, in a special subject on creative economy, this is one of the most heated discussions of the moment. Many artists are wary of this new developing economy because they fear that their creativity will be controlled by the market. However, art and creativity do not need to be completely at the service of the market; on the opposite they would be able to make use of this to move the creative economy – which means that freedom of artistic expression would continue to exist in this field.

The way to reach a value changes a little when compared to the one used by the cost-based economy, because these creative goods and services have a symbolic, intangible value and offer unique consumer experiences. The way to reach a value of the creative product is based on the multiplicity of elements that make up creativity, ranging from cultural aspects, identity relations, innovation to geographic and ideological barriers. When creating a creative product, we must pay attention to its purpose, a purpose that is found in the collective mind, which brings comfort to its users, which promotes the engagement of the people.

In addition, the artist and the creative entrepreneur must defend their idea, promoting with it a change on the mentality related to this Economy, which is opening its space in the market. The value of the product will be built based on the cultural diversity, the multiplicity of experiences, the possibility in the niche of the business. Contrary to what we experienced in the 20th century, where the homogenization of production was the basis of the market, the 21st century brought this cultural diversity applied to the production of creative products to break with the materiality of the market and bring value to the intangible meaning and production of something that goes beyond a simple product for sale. The dissemination and distribution of creative products is still little explored, especially in the Brazilian market. An interesting point to add value to this product and to encourage its consumption is to discover new distribution mechanisms for it. Some of these mechanisms may be the use of alliances, use of online media, partnerships with places that encourage creative production. The creative entrepreneur must have the capacity to attract; create an affinity with your audience, generate the trust and credibility that ensure longevity for the business.

In Brazil, aspects such as inclusion and cooperation are still involved in the Creative Economy, promoting cultural diversity and human development. Creative entrepreneurs promote business through ideas, imagination, artistic creation, boosting their profits. Creativity alone does not generate an economic value, necessitating a transformation into a commercial product that generates monetary value.

Thus, the field of creative economy is growing and presents a strong interaction between creativity, innovation, culture, economy and technology, in a current environment surrounded by information and virtual communication. This economy reflects our contemporary lifestyle and establishes itself in the long-term perspective.

[1] Conferência das Nações Unidas sobre Comércio e Desenvolvimento.

RELATÓRIO DE ECONOMIA CRIATIVA (UNCTAD). Geneva; New York, 2010.

GUAL, Bárbara. Um panorama da Economia Criativa: o papel da música nesse campo, 2014.

REIS, Ana Carla Fonseca. Economia criativa: como estratégia de desenvolvimento: uma visão dos países em desenvolvimento. São Paulo: Itaú Cultural, 2008.

DEHEINZELIN, L.  Economia Criativa e métodos para dar uma mão ao futuro. In.: REDIGE v. 2, n. 02, ago. 2011.

Jornal Valor Econômico, 2009, p.06.

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