Introduction
Current Economic Situation
Recent cases of economic problems have made the global market even more challenging for most companies. The outcomes of the COVID-19 pandemic still affect the global market and trade (“Cultural and Creative Industries in the Face of COVID-19” 5-6). Namely, the rates of economic interactions have only recently started to rise (Khanthavit 2). In addition, the need for increased globalization has become more obvious. For instance, mergers and acquisitions have turned into risk control strategies for many companies (Notteboom 183). Therefore, new approaches to risk management should be considered closely. Particularly, the use of cultural and creating economy as an emerging force needs to be studied closer. Being a rather new trend, a global cultural and creative economy might help address the outcomes of the crisis.
Cultural Economy: Definition
The idea of cultural economy as a new economic setting is rather self-explanatory. The specified notion suggests including the cultural dimension in the analysis of economic relations. More importantly, cultural economy encourages creating cross-cultural ties globally (“Creative Economy: A feasible Development Option” 4). De Beukelaer and Spence connect the global cultural economy to political relations, which is quite understandable. Indeed, to collaborate economically, companies from different countries should know each other’s political issues and standards (7). Issues like political conflicts and legal standards for trade must be checked closely before engaging in international trade (De Beukelaer and Spence 8). However, the idea of the cultural economy is even broader than the specified definition. Namely, the cultural economy includes every aspect of cross-cultural communication happening in the process of international trade (De Beukelaer and Spence 6). Therefore, understanding it will lead to better management of key international trade-related activities.
Creative Economy: Definition
In turn, creating an economy reveals the need to introduce a resilient and sustainable approach. Buchoud et al. define creating economy as the “cultural and creative industries sector” (4). However, Buchoud et al. also suggest that the notion of a creative industry is different depending on the country in which it is used (6). Specifically, the report released by UNCTAD in 2010 points out that the concept of creative economy does not relate to creative industries only. Instead, a creative economy should concern the promotion of creativity in business (“Creative Economy: A feasible Development Option”). Therefore, a creative economy can be implemented in any sector by building innovative models. The described change is especially important in the modern economic climate. Namely, it will help to launch a series of changes for promoting innovation and cross-cultural collaboration.
Thesis Statement
Since cultural economy encourages multicultural business connections and creative economy promotes global innovation, they allow building cross-cultural collaboration both on international and personal levels.
Comparison of the CCI Pre and Post Covid-19 in Different Sectors
The outbreak and rapid spread of the COVID-19 pandemic had a devastating impact on the cultural and creative industries (CCIs) globally. The CCIs were mainly affected since these industries depend mainly on gathering various people, including performers and audiences. The pandemic and its adverse impacts compelled governments through various ministries to impose measures that could help curb the more cases of COVID-19. Various spaces such as cinemas, concert halls, theatres, art galleries were closed, making it more difficult for CCIs to contribute significantly to the economic development of various countries. The effects of the pandemic on CCIs have led to a global upsurge of various organizations advocating for changes in global economic approach and research qualifying the damage that resulted from the pandemic. Such attempts have been critical in understanding other endangered sectors, hence being lost in the future.
Various organizations globally have tried as much as possible to mobilize their statistical tools to help measure the extent to which the pandemic has had financial and economic repercussions. These measurements are essential as they provide critical information that helps in informed public decision-making processes. However, since COVID-19 was an unprecedented event, it has led to questioning the traditional methods of statically modelling the economic activities of various countries, for instance, using the Gross Domestic Product (GDP). GDP has been found to have various challenges in being the chosen standard forecasting model. The United Nations Development Program reveals that the challenges are more pronounced in the CCIs, which have for years been faced with various challenges in data gathering regarding how the sector contributes to the global and local GDP (UNDP 29). This has made countries rely solely on surveys to assess how the pandemic affected individuals and how this might have affected the GDP of a given nation.
How the Pandemic Crushed CCIs
The outbreak of the COVID-19 prompted governments to respond in diverse ways through their various public health structures. The stance taken by each government changed throughout the pandemic depending on whether the country’s infections rates rose or fell. Since each country registered its COVID-19 cases at different times, the measures are taken by the country also differed from one nation to the other. However, most of the interventions proposed by each state’s public health were similar and included regulating the number of people allowed to be gathered at any point. Others comprised travel bans and closures of business outlets, institutions, and recreational places. All the areas that were regulated due to the recommendations of health ministries had direct impacts on the CCIs, as the various individuals and companies in the sector were forced to cancel or postpone their activities.
The countries that instituted strict COVID-19 measures saw rising adverse impacts on the CCIs, whose economic and financial states got progressively worse due to the severity of the restrictions to curb the pandemic. UNESCO reported that every country that had cases of the pandemic went through a series of the spread of infections, regulations of group meetings, reduced infections, reduction in output, and reduction in capacity (UNESCO 13). Others included low intake of in-person services in case of cultural experiences, increase in infections, slow reopening of CCI facilities and with social distancing, lockdowns, travel bans or restrictions, and further infection surges. The CCIs were the most affected businesses, as they were forced to reduce their capacities or temporarily close their businesses because of the measures to lockdown various geographical locations where the infections were high. This shows that the more the delay in recovering the activities of CCIs, the more the businesses will be affected. Moreover, only a few countries have lifted the severe COVID-19 restrictions allowing the CCI activities to recover to their pre-pandemic levels.
The Most Impacted CCIs
The COVID-19 pandemic had severe effects and was complex in nature, which made it difficult to control it. The revelation that the virus was detectable made it challenging to know when one is already infected and whether they could spread the virus. This prompted governments to take serious measures to curb the further spread of the pandemic. This implied that activities were disrupted to different extents in the CCI sector due to the differences in the functional features in the six cultural domains. In particular, the domains include design and creative services, audio-visual and interactive media, books and press, arts and crafts, live performances and ceremonies, and cultural and natural heritage (UNESCO 15). Among the six mentioned domains, those associated with a physical presence are considered primary aspects of cultural experiences. This made them some of the most badly hit businesses in the CCI sector. Moreover, this meant that venue-based performances such as those in the theatres or live music, museum exhibitions, and festivals were hit harder than their counterparts accessible through digital channels.
While the outdoor and in-person activities were affected, the digitally available materials and arts were consumed more because of the COVID-19 restrictions. Content provider platforms such as YouTube and Netflix, among others, experienced a surge in the number of people seeking to be entertained (Buchoud 12). This made content creators shift their attention from live performance to recorded videos with their followers online. However, the shift of some creators to online platforms did not fill the space occupied by various people in the CCI sector before the pandemic. The digital platforms have not succeeded in employing the same number of people employed in the theatres or live performance venues, hence the adverse effects of the pandemic can be seen in the sector more than in most of the industries.
One of the main reasons the CCI sector was affected is that most of the activities were conducted in confined spaces where air circulation is not enhanced. However, most of these spaces are the ones that are familiar to most of the targeted audience. For instance, theatre lovers want to watch performances in enclosed spaces where they enjoy their movies. On the contrary, such confined places are considered conducive to spreading the COVID-19 pandemic. At the same time, these confined places did not allow for social distancing, which is recommended by public health to help curb the spread of the pandemic. Thus, it was natural for theatres to close to avoid being sites for faster infection of the people. Moreover, these confined spaces could not provide a way to avoid contact between people and staff in the building, as they would be forced to touch surfaces based on the different activities within the theatre. Different sites had different levels of exposure, although all of them were potential sites for the spread of the COID-19 virus.
Various businesses in the CCI sector were also affected due to their need to work remotely. Remote work was considered by various public health of different countries as the best way to not expose workers to potential infections that could result from working with infected clients. However, it was challenging both financially and operationally to transit to remove work. The difficulty in achieving working from home was affected by different factors in different countries. For instance, the decision to have workers operate from home meant that they had to have high internet speed and connectivity at all times of their work. Moreover, in some cases, people couldn’t work from home, while at the same time, the government expected the companies not to fire them from their positions. Businesses were then forced to pay their technically not working workers during the lockdown period. This further shows that the pre-pandemic work was office-based, while it is likely to remain remotely in post-pandemic times. Working from home can potentially affect the ease of working in design, advertisement, publishing, and gaming.
Revenue Losses in the CCI Sector Due to COVID-19
The economic losses in the CCI sector can be considered in terms of the domain and sub-domain levels. While it is challenging to get the exact data on the economics of the CCI industry, some of the available information can provide a rough idea of the changes that occurred because of the COVID-19 pandemic. Some of the main areas of interest, in this case, include museums, performing arts and music, visual arts, books, audio-visual and interactive media, and design and creative services. About five European museums were reported to lose €20,300 every week because of the travel ban and close of the facilities (UNESCO 27). Furthermore, many of the region’s museums reported having lost close to 80 per cent of their revenue. Moreover, the UK revealed that almost 56 per cent of jobs were lost in various businesses such as libraries, museums, and other cultural-related activities due to the restrictions by the government.
The performing arts and music industry suffered a significant loss due to the COVID-19 pandemic. Germany suffered severely from the pandemic, which saw its CCI sectoral revenue fall by 75 per cent compared to its turnover in 2018. The United States of America also revealed that the country suffered the loss of employment among the performing artists, as they could not perform in live events. The unemployment rate in the US was 8.5% in 2020, but that of dancers, actors, and musicians were 55%, 52%, and 27%, respectively (UNESCO 27). These data reveal the same image painted in different parts of the world, including Australia, Italy, Spain, China, and France, which suffered the most from the COVID-19 pandemic. South American countries with a rich culture in arts and music also suffered from the pandemic due to reduced interactions and performance in various theatres due to the government efforts to fight the spread of the virus.
Visual arts were affected differently in various parts of the world. It is estimated that 53 per cent of an organization registered over 80 per cent decrease in revenue of the people in South and Central America due to the restrictions imposed because of the COVID-19 pandemic (UNESCO 27). The gallery sector also suffered losses from the restrictions to curb the pandemic, with African, UK, and Germany registering losses of up to 42%, 36%, and 38%, respectively (UNESCO 27). Artists in the US were reported to have lost almost $21,500 each in terms of their income due to the various restrictions imposed by the government to curb the spread of the virus. In Panama, about 86 per cent of workers in the visual arts industry had reduced income following the pandemic (UNESCO 27). The losses in the sectors of the visual arts were attributed to the decision to downsize the workers within the companies in the sector. This meant that a few people were available to offer the needed services to the people who wanted to view various arts at any given time. Moreover, it was also attributed to the few people who could visit the galleries and pay the fees to view the arts.
The reading and buying of books were also affected by the pandemic. As mentioned earlier, the government closed various places that were considered critical points for spreading the pandemic. Libraries and book markets were some areas identified to be potential spaces for spreading the disease. The sale of books reduced from $92.8bn to $85.9bn between 2018 and 2020 (UNESCO 28). The reduction in the revenue generated from the sale and renting of books was associated with the spiking cases of the COVID-19 pandemic, which led to the closure of most businesses. UNESCO further reported that Germany alone experienced low turnover in book sales in 2020 (UNESCO 28). Moreover, Mexico reported that the number of books sold in 2020 reduced by over 26 per cent compared to the sales registered in 2018. The reduction in the revenue generated from the selling and renting books was associated with the closure of shops and lockdowns, which reduced the number of potential visitors to the stores.
The audio-visual and interactive media sector experienced revenue losses globally. Around 70,000 cinemas were closed in China, contributing to about $5 billion (UNESCO 28). The loss in revenue grew as the number of cinemas was closed in other countries, especially in the USA. Consequently, there was a reduction of revenue generated from cinemas by a margin of 76 per cent compared to the value in 2019. As mentioned earlier, enclosed spaces were considered the highest and most potential sites for spreading the COVID-19 pandemic, which made them closed in high numbers compared to other businesses in the CCI sector.
The design and creative service sector also experienced various losses attributed to the COVID-19 pandemic in different countries. Spain and Italy were some of the earliest countries hit hard by the pandemic. About 40 per cent of the revenues from the fashion industry was lost in the country by the beginning of 2021 (UNESCO 28). The fashion industry also suffered significant losses due to the cancellation of garments from over 1,000 Bangladeshi factories. The closure of the factories resulted in over $1.5 billion fall in revenue. Other facilities were also shut, especially those that exported garments to other parts of the world.
Market Appreciate and Audience Behavior
The cultural and creative economy has remained active despite the challenges of the COVID-19 pandemic. Currently, the number of theatres opened have increased due to the reducing number of cases of the infection from the virus. This shows the resilience of the market and the need to further improve the sector as the demand art and creativity is intact. At the same time, it is also worthy to note that when most creators shifted to digital platforms, they were reserving the cultural and creative economy. Such behaviors witnessed during the pandemic were necessary to point to the future direction where CCI would significantly adjust to accommodate more artists in different fields.
Analysis: Effects of Cultural and Creative Economy
Positive Impact of Cultural Economy
The emphasis on the cultural economy has allowed for a number of positive changes. Specifically, the economic focus on arts, including music, cinema, and literature, has helped to promote a more active cross-cultural dialogue. So far, most global companies have recognized the potential of mass culture as a means of maximizing profits and attracting customers (Notteboom et al. 181). For individuals, the development of the cultural economy has also implied numerous changes. Specifically, with the rise of cultural economics and the relevant industries, an opportunity to learn about other cultures through movies, music, and other mass-culture media has appeared (Notteboom et al. 183).
Furthermore, the emergence of creative economy has led to a shift in the social hierarchy. Specifically, creative economy has introduced a new social class into the paradigm. Defined as creative entrepreneurs, the specified population has become an essential driver for social change (De Beukelaer and Spence 8). Specifically, unlike other class types, the creative one requires a different range of characteristics for entry. Demanding only creativity and business skills, the creative class has allowed numerous people to enter the setting of entrepreneurship (De Beukelaer and Spence 5). Thus, an essential class barrier has been lifted. Thus, creative economy has affected not only the global market and large organizations but also individual citizens. Furthermore, on a cultural level, a creative economy has spurred a change in customers’ perception of products. Allowing people to ask themselves about the reasons for buying a certain product, the creative industry has made them perceive products and services more critically.
Positive Impact of Creative Economy
In turn, creative economy has immensely helped address some of the current issues as well. Being directed at the enhancement of state companies’ creativity and innovativeness, the economy in question may be observed in any domain that can show a creative approach. For instance, De Beukelaer and Spence use the automotive industry as an example of creative economy in Korea (1). Therefore, creative economy can be considered a tool for introducing countries and individuals to innovation.
In the specified context, the impact of creative economy on states and individuals is truly immense. With the advancement of creative economy, countries can rely on their organizations to represent them on the global level. Due to the use of a creative approach in their organizations, countries will be able to show high efficiency in their economic performance. Thus, creative economy benefits states by increasing their economic potential and a global authority in the international market. Namely, the rise in the GDP level can be seen as the direct example of companies within a specific state adopting the principles of creative economy (De Beukelaer and Spence 11).
Another advantage that creative economy can bring to a state concerns the focus on innovation and, therefore, sustainability. For an individual, the use of creative economy implies the opportunity to enjoy original, high-quality products. For a country, a rise in sustainability will lead to improved management of environmental issues. Moreover, the quality of manufacturing is likely to improve due to a drop in waste production and, therefore, more reasonable use of resources.
Arguably, the enhancement of the creative industry would also suggest a rise in the extent of production and, therefore, the threat of overproducing goods. Moreover, with the enhanced volume and speed of manufacturing leading to market oversaturation, buyers may develop excessive consumerism (Notteboom et al. 186). Thus, the problem of overconsumption and the drop in sustainability would emerge. However, creative economy should also be seen as an opportunity to resolve global economic issues creatively. Since sustainability remains a global concern, it should be seen as a task for creative economy. Therefore, the increase in creative economy promotion and development is believed to encourage sustainable solutions. Namely, creative economy suggests not only the diversification of products but also the emphasis on creative solutions to some of the commonly experienced issues (Notteboom et al. 187). Since sustainability is one of the key concerns, creative frameworks for managing it are to be expected from creative economy.
In turn, the increase in sustainable solutions will have a tremendous effect both statewide and on an individual level. Creating a better setting for people to enjoy, the focus on sustainability will increase customer well-being and satisfaction (“Creative Economy: A feasible Development Option” 2). Therefore, issues on an individual level will be tackled. In turn, a drop in waste production as a direct effect of sustainability will have a massive effect on an international scale. Namely, the development of sustainable business will represent a country as progressive, innovative, and, therefore, worth viewing as a trade partner on a global level (“Creative Economy: A feasible Development Option” 4). Thus, creative economy will entail a range of positive outcomes both for individuals and countries.
Moreover, it is impossible to talk about the effects of creative economy without mentioning cultural one. Presently, cultural economy is mentioned when discussing creative industry and arts (“Creative Economy: A feasible Development Option” 7). Therefore, a certain ambiguity in using these terms emerges. However, this ambiguity also indicates that the notions of cultural and creative economy are very close. The overlap between the two allows viewing them in tandem. As a result, the complexity of their impact can be addressed fully.
Limitations and Obstacles
As explained above, global cultural and creative economy is expected to have a positive impact on trade and individuals. However, side effects are also to be anticipated as a part of the trade-related risk. Namely, some economy-related traditions within a range of cultures may turn out to be high-risk. The Indian tradition of business nepotism is a common example of a negative cultural tradition in economy (Ragauskas and Valeškaitė 5). According to Ragauskas and Valeškaitė, the nepotism trends in the Indian business setting have been affecting India’s relationships with other countries highly negatively. Specifically, Ragauskas and Valeškaitė provide an example in the construction industry: “In India, the kinship between politicians and employees of construction companies raised the cost of road construction and increased the likelihood that contracted roads are never constructed” (4). Therefore, nepotism-related economic traditions are likely to become a significant obstacle for India in creating partnerships overseas.
Finally, the problem of expenses must be addressed as a source of concern. Namely, introducing creative elements into the current economic context requires major costs. Although some solutions are admittedly less costly, most innovations demand massive investments. Therefore, small and medium entrepreneurship (SME) may not be ready for the specified challenge. The problem of costs and the promotion of economic growth in creative industry will be particularly challenging for developing countries (Buchoud et al. 15). Without the required financial resources, companies in the specified setting may be unable to enjoy the benefits of creative economy.
Overcoming Obstacles and Limitations
To resolve ethics-related problems and the issues of culture clash, negotiation must be actively promoted. Specifically, the policy of compromise and collaboration must be reinforced. Ragauskas and Valeškaitė’s research proves that compromise-based negotiations ultimately lead to solving cross-cultural misunderstandings (5). Moreover, the study results indicate that a compromise-driven framework will reduce the probability of similar conflicts in the future (Ragauskas and Valeškaitė 5). Due to the presence of teachable moments during negotiation and collaboration, culture competence of participants will increase (Ragauskas and Valeškaitė 6). As a result, similar cases happening in the future will be addressed faster and with lesser costs.
In addition, the issue of expenses can be addressed by considering the sustainability mentioned above. By seeking ways of reducing waste rates, companies will minimize the range of costs taken to support their key activities (Ragauskas and Valeškaitė 5). The described change will allow countries represented by these companies to gain greater traction due to the success of their businesses. Thus, while the issue of costs management and the related risks remain a problem, creative solutions can be found to mitigate the key threats and support the development of creative and cultural economy.
Moreover, the support of foreign investors should be seen as an option. By attracting foreign investors, companies functioning in the environment of cultural and creative economy will be able to develop further and continue to explore innovative solutions. Moreover, with the influence that foreign investments will attach to organizations in the creative and cultural industries, the outreach that these organizations have will expand tremendously. Specifically, the promotion of cross-cultural exchange with the countries of investors, as well as the new target markets, will take place (Buchoud et al. 8). As a result, cultural and creative economies will become the platform for encouraging intercultural exchange, which will affect both relationships within the global political arena and interactions on an individual scale (Buchoud et al. 9). Specifically, once the financial opportunities granted to cultural and creative economies are increased with the help of investments, the companies functioning in these industries will be capable of utilizing new financial resources to incorporate innovative techniques and materials into the production process. As a result, quality rates are bound to wise, along with the efficacy of the supply chain, leading to an increase in companies’ performance rates. The resulting increase in GDP will benefit countries that the creative and cultural economies in question represent. Likewise, citizens will be able to enjoy the advantages that the improved state economy and the resulting rise in employment rates, quality of education, and the overall quality of life will entail.
Furthermore, the increased cultural exchange that a flourishing cultural and creative economy will provide will allow for cross-cultural communication and collaboration. Specifically, knowledge, information, and experience exchange that the specified process will launch will contribute extensively not only to the increase in the cultural competency rate and the quality of the interpersonal, cross-cultural dialogue, but also the range of opportunities that individuals can pursue in relation to cross-cultural collaboration and decision-making. Namely, the scope of one’s personal perception of other cultures will expand, including other ideas that would not have been discovered without the rise in the promotion of cultural economy.
Moreover, on an interpersonal level, the described change will suggest that a range of stereotypes defined and supported by the lack of cultural competence and the related knowledge will eventually dissolve. Specifically, by finding out more about a specific culturally marginalized group or a minority culture, representatives of the dominant one will be willing to abandon prejudices and culture biases linked to the minority culture in question (Buchoud et al. 11). Although erasing racial profiling and cultural stereotyping, as well as the drastic effects of colonialism, from the present-day cultural landscape is impossible, the promotion of cultural competence with the help of creative and cultural industries and companies representing them will help alleviate the adverse effects.
Finally, considering mergers and acquisitions as a possible solution to the increased rate of expenses should be regarded as an option. Specifically, since organizations pursuing creative economy along with cultural one will require additional expenses, the focus must be kept on the continuous expansion into the global market. The specified approach will boost the extent of the development of cultural and creative economy in the global context. Moreover, due to the promotion of information exchange, the idea of building ties with one of the more influential members of the target industry and economic community should be regarded as a viable method of managing the challenges of cultural and creative economy. Specifically, the use of a merger or acquisition as the means of multiplying the potential of an organization and, thus, fostering the economic growth within a state. Apart from affecting the power of the state in question, raising its influence and economic potential, the specified alterations will also change the lives of its citizens on an individual level, causing their income rates to increase. Therefore, being linked closely, cultural and creative economies, when actively fostered, will cause impressively positive changes on a statewide and individual level, improving the well-being of a country and its citizens.
Conclusion
Summary
By promoting global cultural and creative economy, countries and individuals will develop cross-cultural connections that will encourage collaboration. As a result, numerous conflicts will be resolved on local and global levels. Apart from leading to improved trade, cultural and creative economy will help address cross-cultural conflicts. Thus, misunderstandings will be solved both on political and personal levels. Namely, global cultural and creative economy will foster cross-cultural interactions and cultural exchange. As a result, a better understanding of other cultures will take place. The described change will lead to improved communication between individuals, allowing them to reconcile numerous conflicts. Similarly, global cultural and creative economy will improve global relationships. Specifically, the focus on innovation and collaboration will allow addressing conflicts more effectively and objectively.
Therefore, global cultural and creative economy will improve the quality of relationships on international and individual levels. Moreover, global cultural and creative economy will help address both trade and culture-related conflicts. As a result, political tensions may be resolved along with economic and cultural ones. For this reason, global cultural and creative economy must remain the focus of global trade. Thus, using the tools included in global cultural and creative economy will help advance relationships on interpersonal and international levels.
Recommendations
Overall, further promotion of global cultural and creative economy is strongly advised. The focus on cultural issues as factors in trade will help improve interactions between countries and their citizens. Namely, global cultural and creative economy should be used as the basis for increasing cultural competency. As a result, conflicts between countries and individuals will be solved successfully. Namely, with the understanding of key cultural factors, chances to reconcile will emerge. As a result, people and state authorities alike will become eager to choose peace and collaboration.
To boost the rates of global cultural and creative economy development, further efforts must be made. It is recommended to engage potential customers in the process of generating products. The specified objective can be met by creating a strong communication channel between an organization and buyers. Thus, even in a cross-cultural setting, a firm will be able to respond to its audience’s needs. As for individual benefits, global cultural and creative economy should imply introducing people to new cultures and ideas. Thus, people will expand their scope and philosophy, embracing other cultures. As a result, conflicts and misunderstandings will be addressed, which will benefit individuals. Moreover, with the rise in global cultural and creative economy and cross-cultural collaboration, individual customers will be provided with a greater range of products. Thus, citizens will benefit from global cultural and creative economy along with the countries that they represent.
It is also crucial to shift the attention of the cultural and creative economy from the physical presence to the digital. The pandemic made creators move to online content creation avenues, and most of the digital channels revealed increased revenues during the pandemic. As other businesses turn to online economies, arts and heritage can also move to digital to further provide avenues for increased content sales. Since the current pandemic has not subsided, it is not known if it can be worse, which suggests the need for preparation to go digital. Moreover, moving CCIs to the digital platforms can also make them ready for a worse case in the future.
The possibility of live theatres returning to normalcy is possible with the current reduction in new cases of COVID-19 related infections and deaths. However, it is important to note that the pandemic revealed that there were several people who were ready to be contribute significantly to the cultural and creative economy. All the new creators that were previously not features in theatres should be absorbed into the industry so that they can contribute further to the development of the sector. Most of these digital content creators have mass followings that can enhance the cultural and creative economy, if they can be fully integrated into the sector by established theatres and organizations. However, they should also retain their digital creativity to further engage those who cannot be available for the physical attendance of shows and exhibitions.
Works Cited
Buchoud, Nicolas J. A., et al. Creative Economy 2030: Inclusive and Resilient Creative Economy for Sustainable Development and Recovery. Universita Bocconi, 2021.
Creative Economy: A feasible Development Option. New York, NY: UNCTAD, 2010.
Cultural and Creative Industries in the Face of COVID-19. Paris, 2021.
De Beukelaer, Christiaan, and Kim-Marie Spence. Global Cultural Economy. Routledge, 2018.
Khanthavit, Anya. “Measuring COVID-19 effects on world and national stock market returns.” The Journal of Asian Finance, Economics, and Business, vol. 8, no. 2m 2021, pp. 1-13.
Notteboom, Theo, Thanos Pallis, and Jean-Paul Rodrigue. “Disruptions and Resilience in Global Container Shipping and Ports: The COVID-19 Pandemic Versus the 2008–2009 Financial Crisis.” Maritime Economics & Logistics, vol. 23, no. 2, 2021, pp. 179-210.
Ragauskas, Rimvydas, and Ieva Valeškaitė. “Nepotism, Political Competition and Overemployment.” Political Research Exchange, vol. 2, no. 1, 2020, pp. 1-16.
United Nations Development Program (UNDP). Creative Economy Report. UNDP, 2010.
United Nations Educational, Scientific and Cultural Organization (UNESCO). Cultural and Creative Industries in the Face of COVID-19: An Economic Impact Outlook. UNESCO, 2021.