Digital Transformation's Impact on Creative Economy Highlighted by UNCTAD
UNCTAD Report Emphasizes Need for Regulatory Frameworks to Ensure Equitable Benefits from Technological Advances
Digital transformation is profoundly affecting the production and consumption of creative goods and services worldwide, presenting unequal opportunities, according to the United Nations Conference on Trade and Development (UNCTAD). The creative economy, encompassing audiovisual products, design, media, music, performing arts, publishing, and visual arts, has experienced significant commercial growth, underscoring the necessity for robust regulatory frameworks to ensure technologies like Artificial Intelligence (AI) benefit everyone.
By 2022, global exports of creative services reached USD 1.4 trillion, and creative goods totaled USD 713 billion, marking increases of 29% and 19%, respectively, since 2017. However, disparities exist, with major powers accounting for 80% of creative services exports. Streaming services now make up 67.3% of global music market revenue, and AI is increasingly used for generating and optimizing creative content.
UNCTAD highlighted that while digitalization and AI foster growth and efficiency, they also pose challenges, including the digital divide, labor market changes, quality control, privacy, consumer protection, copyright issues, and market monopolization. Decision-makers are urged to monitor technological advancements and update policy frameworks to harness development opportunities and mitigate risks.
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By 2022, global exports of creative services reached USD 1.4 trillion, and creative goods totaled USD 713 billion, marking increases of 29% and 19%, respectively, since 2017. However, disparities exist, with major powers accounting for 80% of creative services exports. Streaming services now make up 67.3% of global music market revenue, and AI is increasingly used for generating and optimizing creative content.
UNCTAD highlighted that while digitalization and AI foster growth and efficiency, they also pose challenges, including the digital divide, labor market changes, quality control, privacy, consumer protection, copyright issues, and market monopolization. Decision-makers are urged to monitor technological advancements and update policy frameworks to harness development opportunities and mitigate risks.
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