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

Source: Internet

“Digital disruption of creative industries can present huge economic potential in Asia and the Pacific,” said ADB Director General for Climate Change and Sustainable Development Bruno Carrasco about the launch of Digital Creative Industries in Asia: A Review.

“Yet the policy environment does not always allow creatives to thrive and connect with the global value chain,” added Mr. Carrasco. “This report can help industry and policy makers shape Asia and the Pacific’s digital creative industries, foster opportunities to bridge the region’s rich cultural heritage with the rest of the world and drive economic growth.”

Based on more than 40 interviews with key individuals across India, Indonesia, Thailand, and Viet Nam – including with industry associations and creative professionals in the film, gaming and music industries – the report highlights opportunities for emerging countries to boost their digital creative industries, assess domestic talent development, and encourage policies that create high-quality jobs.

While there is strong demand from global entertainment companies to produce local content and work with local talent, there are not enough skilled local producers, screenwriters, and programmers. To address this, the report recommends that governments and industry define the essential knowledge and skills required to perform different creative roles, build lifelong training systems, incentivize businesses to upskill their workers, and improve creative industry working standards. 

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

 Another barrier identified is a severe lack of funding in the four countries examined in South and Southeast Asia. This limits the potential for local film producers, game developers, and musicians to grow, even as high-speed internet, streaming platforms, and portable devices have enabled them to reach much wider audiences. 

Establishing structured funding facilities, including loans, credit guarantees, grants, and venture capital financing, can transform creative ideas into concrete projects, according to the report. With sufficient support from the government or through public–private collaboration, these businesses can be provided with a financial safety net to innovate.

The report was produced with support from Netflix, the video entertainment streaming service. As ADB’s knowledge partner, Netflix provided experts to be interviewed for the report and enabled access to key stakeholders in the digital creative industry. The work on the report is part of the two organizations’ ongoing collaboration to generate knowledge and boost Asia and the Pacific’s creative industries./.