Targeted policies for digital creative industries can boost economic growth in Asia and the Pacific

Coherent national strategies that develop talent and expand digital creative industries can help developing countries tap into the global creative economy, generating high-quality jobs that contribute to economic growth, according to a new report released today by the Asian Bank of Development (ADB).

“The digital disruption of the creative industries can present enormous economic potential in Asia and the Pacific,” said Bruno Carrasco, Director General of Climate Change and Sustainable Development at the ADB, on the occasion of the presentation of A Review of Digital Creative Industries in Asia : Opportunities and policies to foster growth and create high-quality jobs.

“However, the political environment does not always allow creatives to thrive and connect to the global value chain,” added Mr. Carrasco.

“This report can help industry and policymakers shape Asia-Pacific’s digital creative industries, foster opportunities to build bridges between the region’s rich cultural heritage and the rest of the world, and drive economic growth.” .

Based on more than 40 interviews with key people from India, Indonesia, Thailand and Vietnam – including industry associations and creative professionals from the film, video game and music industries – the report highlights the opportunities for emerging countries to boost its digital creative industries, evaluate the development of national talent and promote policies that create high-quality jobs.

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Although there is strong demand from global entertainment companies to produce local content and work with local talent, there are not enough qualified local producers, writers and programmers. To address this, the report recommends that governments and industry define the essential knowledge and skills needed to perform different creative roles, create lifelong learning systems, incentivize companies to upskill their workers, and improve employment standards. creative industry work.

These long-term strategies have helped creative powerhouses such as Canada, the Republic of Korea, Singapore and the United Kingdom increase their domestic talent pools and attract foreign investment. The report draws key lessons from these countries that can guide policymakers seeking to develop creative industries.

Another obstacle identified is the serious lack of financing in the four countries examined in South and Southeast Asia. This limits the growth potential of local film producers, game developers and musicians, even as high-speed Internet, streaming platforms and portable devices have allowed them to reach much broader audiences.

Digital disruption of creative industries may present huge economic potential in Asia and the Pacific

According to the report, establishing structured financing mechanisms, such as loans, credit guarantees, grants and venture capital financing, can transform creative ideas into concrete projects. With sufficient support from the government or through public-private collaboration, these companies can have a financial safety net to innovate.

The report was prepared with the support of Netflix, the entertainment video streaming service.

As ADB’s knowledge partner, Netflix provided experts to be interviewed in the report and facilitated access to key stakeholders in the digital creative industry. The preparation of the report is part of the two organizations’ ongoing collaboration to generate knowledge and advance the creative industries of Asia and the Pacific.

The ABD is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while continuing its efforts to eradicate extreme poverty. Created in 1966, it belongs to 69 members-49 from the region.