“Creative Industry is bigger than the entire Indian GDP”: Ernst & Young

What is the share of creative industries in the global economy? A new study conducted by Ernst & Young and jointly presented by UNESCO and the International Confederation of Authors and Composers Societies (CISAC) – has quantified for the first time, the social and economic contribution of cultural and creative industries (CCI) to the world economy.

The study included almost all major 11 CCI sectors from television to performing arts.

Major highlights of the report:

• All 11 CCI sectors have a 3% share in world economy.
• Total Revenue generated through selected creative industries is $2,250 billion.
• It surpassed global telecom industry which stands at $1,570 billion.
• It exceeded the entire Indian GDP of $1,900.
• It generated 29.5 million jobs – 1% of the active world population.
• Top three employing creative industries are Visual Arts (6.73 million employees), Books (3.67 million) and Music (3.98 million).

Researchers also found that creative industries are open to all age groups and play a significant role in developing creativity necessary for excelling in any profession.

Source: Economic Forum