On the occasion of the celebration of World Creativity and Innovation Day (21 April 2022), UNCTAD released its latest report “Creative industry 4.0: Towards A New Globalized Creative Economy”.
The report, which focuses on the intersection of industry 4.0 and the creative economy, highlights how industry 4.0 technologies are transforming the creative industries and provides policy options for developing countries to harness these new technological trends for their creative economies.
Creative Industry 4.0 should benefit from the opportunities offered by new technologies. On the design and production side, these include increased efficiency, unrestricted creativity, greater interactivity and flexibility to facilitate cost-effective customisation.
Interaction between creativity and technology
In addition, the report examines the economics of the interaction between creativity and technological and business innovations, and provides a better understanding of how the fourth industrial revolution, or Industry 4.0, has changed the way companies and creative professionals do business.
Indeed, marketing creative products and services has become easier and cheaper, allowing companies to enter new niche markets.
However, not all segments of the creative economy are ready and able to take advantage of this potential. This is particularly the case for artisanal producers in rural areas. The availability of technology for many producers of creative products and services remains insufficient.
What countries need
The report shows that governments in both developed and developing countries are increasingly called upon to provide the necessary infrastructure and programmes to empower workers to make the most of the new opportunities offered by the Creative Industries 4.0.
They also need national, regional and international legal frameworks to support small and medium-sized enterprises and consumers in e-commerce, as well as modern trade governance systems to protect the know-how and creativity of individual artisans and small businesses.
Photo credit: Leika Production