Creative industries are crucial for the European economy. They employed 7.4 million people across the EU27 in 2019, which represented 3.7% of all employment. In 2017, there were 1.1 million cultural and creative enterprises in the EU27, generating €145 bn of value-added. The work of creative industry professionals is not only relevant from an economic perspective. It is also important for the promotion of Europe’s diverse cultural identity and European values including equality, democracy and sustainable development.
The creative industries and culture also have the power to facilitate transformations of institutions, communities and cities. Creative people and artists are key because they develop ideas, metaphors and messages and help to drive social development and experiences.
This sectoral watch describes the industrial context of the sector, technological trends, venture capital investments and startup creation, the supply and demand of related skills and a future outlook with challenges and opportunities.