The Creative Industry has become the fastest growing industry in the UK, In 2018, it contributed a smashing £100 billion to the economy. The government regards it as the ‘economic and cultural powerhouse.’ and has placed it ‘at the heart of the UK’s industrial strategy’ (Industrial Strategy 2018),
Historically artistic (music, films, plays, etc) creations were regarded as cultural assets and therefore had only cultural value. However, the Creative Industry was 'born' in the 1990’s when politicians began to take note of its economic potential and set out to investigate the value of cultural assets through a 'mapping' exercise. The results were astounding, indicating an 'untapped' economic powerhouse. Hence, the 'birth' of the Creative Industry. Harnessing disruptions caused by technology, globalisation and the internet, the UK government committed to support the development of the industry.
So then, what is Creative Industry, or Creative Business?
The best way to describe anything is to define words. The Oxford dictionary defines Creative as ‘relating to or involving the use of imagination or original ideas to create something that has not been previously considered or thought of’ (Business dictionary). While business is defined as ‘an organisation or economic system where goods and services are exchanged for one another or for money.’ (Business dictionary)
Creative Business is therefore "an organisation or economic system where original creations of the mind are exchanged for one another or for money" (my definition!). To give an example - a theatrical play - the writer has an idea (in his mind) and pens the idea - writes the play (the creation of the mind), the producer then uses his creative imagination to translate the written story/idea on stage - both writer and producer ‘create’ through their imagination.
The creations are called INTELLECTUAL PROPERTY (IP) (creation of the mind) and are protected by copyright (and/or trademark, patents). IP is the 'core' product in creative business. They can be sold, licensed or assign permission for its use.