Creative Disruption: The impact of emerging technologies on the creative economy
Isobar Asia-Pacific Chief Strategy Officer, Sandipan Roy, has been working closely with the World Economic Forum over the past twelve months, sitting on the steering committee and most recently contributing to WEF’s latest whitepaper, ‘Creative Disruption: The impact of emerging technologies on the creative economy’.
The paper delves into the impact that emerging technologies – artificial intelligence, augmented reality, virtual reality and blockchain – are having on the creative economy, with the project team conducting 50 interviews with subject experts from across the globe. From the research, both opportunities and concerns for each technology are outlined, and focus areas highlighted for businesses and brands to make the most of each opportunity.
Key findings from the paper are:
- Artificial intelligence (AI) is changing value chains for creative content from start to finish, which is having positive and negative impacts on society.
- Augmented and virtual reality (AR/VR) can transform storytelling and the way content is experienced, but business incentives to do so may not fully align with individual well-being.
- The creative economy and the platform economy are converging, redefining the relationship between creators, publishers and technology companies, and introducing difficult governance issues.
- Blockchain is the least advanced of all the technologies – while it holds promise for the creative economy, it requires further development.
- Multi-stakeholder collaboration is required for change to be effective.