The Impact of globalization on the development of creative industries businesses

Abstract

The creative industry represents the potential for economic growth worldwide. Even though there is no single definition of it, it can be generally said that these are the economic sectors in which the primary production factor are people, their individual creativity, ability, and talent. Creative industries can also be said to be created at the interface of innovation and culture, where they overlap. The article focuses on the analysis of the creative industries development in the Slovak Republic in the context of the development of creative industries in other European Union countries. Based on the gained knowledge, it points out the regional differences in the creative world of European countries. The article also tries to identify the link between globalization influences and the development of the creative industry, using the KOF index. This index represents a quantitative expression of the level of globalization in terms of its economic, political, and sociological development. This enables a comparison of the the selected indicator development of the creative industry with the development of globalization. The research methods used include time series analysis as well as correlation methods. The obtained results suggest that the creative industries is developing independently of globalization trends.

Influence of COVID-19 Pandemic on The Most Globalized Sectors of Creative Industries in Slovakia

“…Innovation and creativity terms are used in development strategies worldwide and are included in policy documents of the UNDP, OECD, WTO, World Bank and other large international organizations. Policy makers are stressing that innovation, creativity and independent thinking are increasingly crucial to the global economy [6][7][8][9].…”