The Paint Factory Placebook - Report - Page 23
HOYNE PLACEBOOK®
GLOBAL ECONOMIC IMPACT
RETURN ON INVESTMENT
Countries around the world rely on the creative economy
to produce jobs and growth, to stimulate innovation, to
fuel tourism, and to promote culture and social inclusion.
Creative industries embrace economic, cultural and social
aspects interacting with technology, intellectual property
and tourism objectives. These factors place creative industries
as crucial sectors for achieving the United Nations’ 2030
agenda, a plan of action for people, planet and prosperity.
Investment in the arts is being recognised globally as a smart
economic strategy. For example, since the United Kingdom
increased its arts funding by 11 per cent from 2009-2019, it has
generated revenue of $130.6 billion – which equals a return on
investment of 161 per cent.
Trade in creative goods and services generates increasing
revenues for countries, with services having a dominant role.
The latest available data shows that, in 2020, creative goods
and services represented three per cent of total merchandise
exports and 21 per cent of total services exports. With world
exports of creative services increasing from $487 billion to
almost $1.1 trillion between 2010 and 2020.
As it stands, cultural and creative industries significantly
contribute to the world economy. As well as contributing to
global gross domestic product, the United Nations Conference
on Trade and Development reports that cultural and creative
industries provide 6.2 per cent of all the world’s employment,
generating nearly 50 million jobs worldwide, and employing
more young people (15 to 29-year-olds) than other sectors.
There are three major facets of cities’ cultural,
social and economic vitality:
In Australia, between 2009-2019, financing of the arts grew
by 18 per cent, leading to revenue of $58.7 billion and an
impressive 667 per cent return on investment. New Zealand
boosted its creative funding by 33 per cent in the same period,
resulting in $130.6 billion revenue, and a 135 per cent return
on investment.
Revenue generated after
arts funding increase
Return on
investment
UK
$130.6 B
161%
AUS
$58.7 B
667%
NZ
$130.6 B
135%
Country
Global exports of creative goods
and services 2010 - 2020 (US billion)
Creative goods
1
Cultural Vibrancy – Measuring the cultural
‘pulse’ of a city in terms of cultural infrastructure
and participation in culture.
1,200
Creative services
1,065
1,000
800
2
Creative Economy – Capturing how the cultural
and creative sectors contribute to a city’s
employment, job creation and innovative capacity.
600
400
524
200
3
Enabling Environment – Identifying the tangible
and intangible assets that help cities attract
creative talent and stimulate cultural engagement.
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Since the Global Creativity Index (GCI) was first introduced
in 2004, it has shown that, in countries where the level of
support for arts and culture is high, creativity has been linked
to increased economic development and higher levels of
equality. This suggests that by encouraging creative hubs
and growing creative industries at local and regional levels
Australia can provide more jobs, more education and more
opportunities for its people.
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