The Culture Fix
Creative People, Places and Industries
Cultural and creative sectors and industries are a significant source of jobs and income. They are a driver of innovation and creative skills, within cultural sectors and beyond. They also have significant social impacts, from supporting health and well-being, to promoting social inclusion and local social capital. As national and local governments reconsider growth models in the wake of COVID-19, cultural and creative sectors can be a tool for a resilient recovery if certain longer-term challenges in the sector are addressed. The report outlines international trends with new data, including at subnational scale. It addresses issues in cultural and creative sectors in terms of employment, business development, cultural participation and funding, both public and private. It provides analysis of how these sectors contribute to economic growth and inclusion, taking into account the impact of COVID-19 related crisis on jobs and firms. Finally, it offers recommendations on how to capitalise on the role of cultural and creative sectors in national and local recovery strategies.
Public and private funding for cultural and creative sectors
Investing in cultural and creative sectors (CCS) is important due to the direct and indirect benefits they generate for the economy and society. Public expenditure on culture has promoted culture as a “merit good”, similarly to education and healthcare. However, with a growing understanding of the role that culture and creativity can play in economic development, a more diversified approach to funding cultural and creative sectors has emerged, with a greater emphasis placed on economic returns to government expenditure and a more prominent role for private investors. Consequently, a more complex ecosystem of financial support for CCS has developed, encompassing public, private and philanthropy funding and investment. This Chapter outlines significant trends in cultural finance over the previous few decades, including traditional public expenditure models, private and philanthropy funding as well as new forms of support for cultural and creative for-profit and non-for-profit organisations.
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