Valuing Creative Contributions to the Economy

Posted by on Sep 7, 2016 in Blog

Valuing Creative Contributions to the Economy

One of the reasons why it is sometimes difficult to be a creative in today’s world is because so many members of society, particularly the members of some professions, continue to stereotype those who work in industries and sectors of the economy that are seen as belonging to “creative types”.

From architecture to artwork, design, fashion, film and even the creation of innovative new medicines, technology and other inventions, specialist creatives are everywhere. As their work continues to involve a greater share of the economy old attitudes and ways of thinking about creatives and their work is slowly beginning to change.

Statistics and Facts about Creative Contributions

Putting a value on the contributions made by creatives to the economy is problematic, simply because it’s difficult to really know how many individuals are involved in a specific creative act at any one time. According to an article in the AGDA, the Australian Government’s Creative Industries Innovation Centre (CIIC) released a report, Valuing Australia’s Creative Industries, which indicated that creative industries contributed 32.8 billion directly to Australia’s economy in 2011-12. An additional important statistic uncovered by the study is that over 600,000 Australians work in the creative industries.

In addition to making a significant contribution to the nation’s GDP, the creative industries promise to be a significant source of new growth for the economy in the future. This is especially important given the recent declines in the sale, export and use of commodities such as coal, iron and other ores.

Given the increased awareness of how these traditional industries contribute to climate change, mining and their related industries can be expected to continue to decline in the coming years and decades. It will be important for Australia’s future economic stability to replace these sources of revenue with those from other industries. The creative industries seem especially poised for continued growth and increased productivity.

What These Facts Mean for Creatives

As a creative, these statistics should be encouraging. They suggest that creative industries, and therefore opportunities for creative specialists, are growing. As the importance of creative industries to the economy grows, creatives can expect there to be an increasing demand for their products and services.

Are You Ready to Grow?

To take advantage of these coming trends, creatives need to be making strategic plans for growth, innovation, and marketing now.  Is your business poised to reap the benefits of an increased emphasis and new found respect for the creative industries?

Why not get in touch today to learn more about how Accounts Studio can help you to get your business ready to expand and grow during this time? As creatives ourselves, we understand the special challenges that small to mid-sized business owners in the creative industries face, and we have years of experience in helping companies just like yours take the steps that they need to get a better handle on their finances and make sound plans that will help their business develop and thrive!