Sustainability gaining prominence in booming creative economy

07 / 10 / 2024

By Marwa Nassar - -

Sustainability and inclusion are gaining prominence in the creative economy, as governments adopt policies to reduce environmental impact and promote diversity.

Of the 36 countries surveyed, 12 have specific initiatives targeting the creative industries, while another 12 promote sustainable business practices, such as sustainable design, energy efficiency, circular economy practices, and increasing the participation of women, youth, and disadvantaged groups.

As the creative economy continues to grow, integrating sustainability and inclusion will be key to ensuring it benefits everyone and safeguards the planet.

The creative economy is growing fast, with creative services leading the charge.

According to UN Trade and Development’s (UNCTAD) Creative Economy Outlook 2024, creative services exports surged by 29% to $1.4 trillion in 2022, while creative goods exports increased by 19% to $713 billion.

Creative services now represent 19% of all global service exports, up from 12% a decade ago. Meanwhile, creative goods exports have remained steady at 3% of total goods trade. While developing countries primarily export creative goods, their share of global creative services exports has grown significantly, from 10% in 2010 to 20% in 2022.

Software services accounted for 41.3% of all creative services exports in 2022, followed by research and development (30.7%), advertising and architecture (15.5%), audiovisual services (7.9%), information services (4%), and cultural, recreational, and heritage services (0.6%).

Digitalization is reshaping the creative economy. Streaming services, for instance, now account for 67.3% of global music revenue streams.

AI is a key driver of this transformation, generating everything from scripts, movies and music to virtual reality content, while also improving post-production workflows and analyzing user data. Its presence is growing in newsrooms, for example, where 41% of teams use it to create illustrative art, 39% for social media content and 38% for writing and generating articles.

While digital tools lower costs and expand revenue opportunities, making global markets more accessible, they also pose challenges, such as quality control, copyright issues, privacy concerns and market monopolization.

The report highlights the need for robust regulatory frameworks to ensure these technologies benefit everyone and foster a competitive creative economy.