The Importance of Creative Industries to an Economy
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Creative industries, in my opinion, are the trades or industries of which with ones own creativity, skill, and talent could grant someone the possibility of landing a job and/or wealth by means of using his imagination and creating something from that idea.
The industries that considered creative are advertising, crafts, industrial design, computer games, fashion, music, films, videos, software, TV shows, performing arts (DMCS 2001).
They are in the business of persuading people to buy products. They create images and trends which all translate to purchases.
Without such industries, the economy would become stale because people would only buy the sturdiest of products rather than the most fashionable. The peoples purchases would then be dictated by the longevity of products rather than their relevance to society. These industries leave room for the new and young talents to be known and get the chance of being noticed by means of ad campaigns.
Without such industries, people would not know of new ideas, new products, new manufacturers and the economy would not and could not grow because a monopoly of, lets say coffee, would leave the economy bored and stale.
A certain blend of coffee may be monopolized but other companies can create a different blend thus leading to competition between coffee producers. Starbucks may be popular but Seattles Best and Coffee Bean and Tea Leaf are competitors. They all offer the same product, coffee and tea but they are each others competition. An economy would be nothing without competition and growth of an economy would be impossible.
Local clothing companies such as Bench, Penshoppe, and Oxygen all offer shirts, tees, jeans but they still flourish because they all create different clothes that would somehow cater to different types of people and personalities. Bench is more basic, Penshoppe is more graphic and streetwear, whereas Oxygen caters to the edgier citizens.
These companies have had to be innovative with their products so as to be able to compete with each other and I do believe that innovation is the key to growth when it comes to businesses and economies.