This article observes the potential role and prospects of the modern university in the development of creative industries in the Arctic region, as well as formation of a creative economy behind the Polar Circle with consideration of the territorial socioeconomic conditions. First of all, the key characteristics of the Arctic economy as a whole are highlighted. The negative (constraining) factors of the development of creative industries in the region are identified: namely the industrial nature of the economy, focused on mining and flaccid processing of territorial natural resources; remoteness of production sites from the consumption points and high transportation costs; small and declining population. However, economic activities in the modern Arctic regions are conducted in the context of transnationalization and globalization. In turn it facilitates new opportunities and prospects for the Arctic territory and the Arctic economy in general and the creative industries in particular. In the present work, the conclusion has been drawn which identifies the transformation and formation of new global Arctic conditions. Hence, the restructuring of the Arctic economy is needed, which most importantly will result in the formation of prerequisites for the development of Arctic creative practice. Some of these processes are already running. However the full development of a creative economy is not possible without the development of creative industries and a creative class that will be able to put forward bold creative ideas and implement (commercialize) creative solutions. Modern University is identified as a driver for the development of a creative economy in the Arctic, provides conditions for the formation and retention of a territorial creative class and the development of entrepreneurial activity in the field of creative industries. The University can initiate a reboot of a social life and economic activity of an individual in the region.