During the month of May, we celebrate creative industries. As I have come to realize, not everyone understands what the creative industries are and their impact in our economy. I even found myself confused at one point, so I conducted some research on the topic and want to share some insights with you, our friends and clients.
First of all, what are the creative industries? UNESCO defines cultural and creative industries as “sectors of organized activity whose principal purpose is the production or reproduction, promotion, distribution and/or commercialization of goods, services and activities of a cultural, artistic or heritage-related nature.” Here are some examples of creative industries to help you further understand: Art, Performance Art, Music, Craft, Film & Entertainment, Advertising & Promotion, Design, Fashion, Culture, Architecture, Publishing & Media, Games, and even Research & Development.
In 2014, the Institute of Statistics conducted a study that showed that 5,267 establishments were part of the creative industries in the Island. These establishments created 69,457 jobs, with an annual sales volume of $10,000 million. (Source: El Nuevo Dia)
Now, are you a part of a creative industry? The Government of Puerto Rico understands that creative companies have the potential to create jobs and wealth mainly through the export of creative goods and services. This is why Act 173 of 2014, known as the Puerto Rico Creative Industries Promotion Act, amended multiple laws to facilitate the access of the Creative Industries to various incentives. Act 173 defines the creative industry as a company that requires creativity, expertise, and talent. Learn more about the incentives available for creative industries here.
The Sifre Group is aware of the positive impact that creative industries have in our economy, but also of the challenges that entrepreneurs in these industries face, so congratulations and a huge THANK YOU to all of you creatives out there!