SIMILARITIES AND DIFFERENCES BETWEEN THE CREATIVE AND ENTERTAINMENT INDUSTRIES.

There is an unfounded assumption that the creative and entertainment industries are the same, but they both are not. Players within these industries might be able to tell the difference, but there’s still a large percentage of people who are unable to distinguish where necessary. 

 

A range of economic activities which is concerned with the creation of knowledge and information sums up the creative industry which may also be in the class of cultural industries. The entertainment industry (also informally referred to as show business)  is part of the tertiary sector of the global economy. The commercially performing arts, such as musical theatre, comedy, film, and fun concepts generally.

 

Alphabet, the owner of google dominates the entertainment market with a revenue worth over $22.45 billion in revenue.  These numbers are clearly encouraging since we are in the 21st century with digital advancement. The  creative sector is also the fastest growing sector in the global economy. Obviously, there is still so much untapped potential.

 

Another difference is that in the entertainment industry the lines bordering value chains from pre-production to post production are most often blurred. When within the value chain one person plays multiple roles, it simply puts out the lack in specialisation unlike the creative sector that needs upfront capital.

 

The creative industries have been observed and seen to become increasingly important to economic well-being, suggesting that human creativity is the ultimate economic resource. The creative industries are characterised by seven economic properties which includes:

 

• Nobody Knows principle.
• Art for Art sake.
• Motley Crew principle.
• Infinite Variety.
• A list / B list.
• Time Flies.
• Ars Longa.

 

Creative industries are not unique but they definitely score high on these properties relative to the non-creative industries. The entertainment industry is any business that generates value by providing or meeting a need for people with something interesting to watch or do, vibrant and thrilling experiences that are packaged for mass consumption.