The FINANCIAL - Creative and cultural industries play key role in European recovery

Creative and cultural industries play key role in European recovery

Creative and cultural industries play key role in European recovery

The FINANCIAL -- Creative and cultural industries are undeniably part of the solution to the economic crisis that has had the European continent in its grip for years according to the new EY study Creating Growth - Measuring Cultural and Creative Markets in the EU. This analysis, commissioned by European Grouping of Societies of Authors and Composers (GESAC), and backed by 18 corporate partners and supportive organizations, reveals the determining input of CCIs in the European economy.

With an annual revenue of €535.9 billion and more than 7 million employees, of which 19.1% are people under the age of 30, culture and creation places itself in the top three employers in Europe, just behind construction and food and beverage service activities. CCIs provide work for 2.5 times more people than automotive manufacturers and the visual arts alone employ more people than the telecommunications industry, according to EY, a global leader in assurance, tax, transaction and advisory services.

Eleven cultural markets were analysed: books; newspapers and magazines; music; performing arts; television; film; radio; games and video games; visual arts, architecture; and advertising. This is the first study of its kind, examining Europe’s CCIs in detail over such a large scope.

Digital presence

CCIs are well-established at the heart of the digital economy. By being a source of innovation and creativity, they overcame the challenges of new media and increased cross-media use. 

For recorded music, the rise of digital meant an increase in sales of 109% between 2009 and 2013; for books, the development of new services such as e-books; it meant a 12% yearly increase in online revenues for advertising; the use of 3D printing for architecture; and for the press, success stories like the weekly newsmagazine Der Spiegel and its 5.6m monthly unique visitors on the web edition, according to EY.

International leaders

The EU can is home to a number of international leaders in CCI like Egmont; Grupo Planeta; La Scala; RTL Group; Nordisk Film; Deezer; Rovio Entertainment; Dorotheum; the BBC World Service; Publicis; and Sweco. In fact, seven of the world’s ten biggest publishers in terms of revenues are European, as are five out of the ten main music festivals worldwide. The same is true of the world leader in the music industry, two out of the three leading companies in advertising. These success stories are a reflection of their markets, relying on the drive and wealth of European creation, according to EY.