The creative economy is a strong and growing sub-economy that's driven by artists engaged in the creation of products that represent their personal vision. Buyers purchase these works via direct sales and third-party vendors. Governments at all levels provide support to artists through grants, loans, and community outreach programs to help artists get their work to the public at large.
The creative economy uses elements from the traditional economy at various points of the cycle but is considered its own economy by and large. It's also referred to as the creative industry due to the fact that a majority of the output is in the form of physical goods that people purchase for their own purposes. Some of the goods produced by the creative industry include t-shirts, clothing, painting, jewelry, photographs, digital artwork, games, performances, and more.
Art plays a role in everyone's daily life, whether they realize it or not. It's found in industrial design to the practical shoes on your feet and the kitschy paintings on your wall. However, its role in people's lives, much less ease of access to it, has been downplayed and viewed as not overly important until recently. The rise of the internet has helped the creative economy grow, given buyers more access to artists across the spectrum, and made it easier for consumers to get their hands on unique items while supporting artists in their endeavors.
The following is a look at how the creative economy functions, how it's one of the different types of entrepreneurship, and its impact on the economy as a whole. Read on to learn more about how your purchase of artwork from your favorite artist helps drive the creative economy.
What is the creative economy?
The simplest way to explain the creative economy is as follows: It's an economy where artists and creatives start a business, sell their work to the public at large, and are supported by local and federal governments.
Artists, who work in all kinds of mediums–-from performing arts to handcrafted goods—create and finish their work, then sell it on the open market through various outlets. People and organizations buy the work. Governments provide support for the arts at the individual, group, and community levels through various programs.