This report looks at the implications for the Creative Economy of the rapid changes in automated technology and advanced internet communication that came to be known as Industry 4.0.
Conservative estimates put the Creative Economy’s contribution to global gross domestic product at about 3 per cent, roughly in line with its contribution to world trade.
This contribution is expected to be strengthened by a surge in digitalization and advanced technologies that characterise Creative Industry 4.0. Among the many observations that this report makes, ones that are important from the perspective of sustainable and inclusive development especially that of small developing countries are that:
- Creative Industry 4.0 can speed-up the transfer of technology.
- The size of the domestic market will no longer be a limit when it comes to developing a product.
- New niche market opportunities are emerging.
Another key observation is that the availability of adequate technology is not sufficient; it must be made available to stakeholders.
The report highlights a series of policy options aimed at harnessing the potential of Creative Industry 4.0 for economic and social development.