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Mapping of Nordic Creative and Cultural Industries

Financial Environment

image of Mapping of Nordic Creative and Cultural Industries

The creative and cultural industries (CCIs) have recently been debated widely, and access to finance has been at the forefront. This KreaNord report, created in 2012, maps the Nordic CCIs’ financial environment, and shows that the environment is facilitating the same access to corporate finance for CCIs as for other sectors. However, the supply of project finance requested by CCIs, is rare/non-existing, and mostly provided as debt. This report concludes the findings as market failure in supply of debt instruments for CCIs, and recommends a development process be initiated.Republished in 2015 following the end of KreaNord, the Nordic Council of Ministers’ initiative on cultural and creative industries (2008–2015).

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Introduction

Knowledge and creativity are powerful instruments in development of products and services to meet the requests of various audiences in today’s globalizing world. Creative economy has emerged as one of the major thematic concepts in recent economic developments. Great success stories of creative industries, although representing a small proportion of a large number of total efforts, have captured the imagination of policy makers, entrepreneurs, media and population at large. A number of companies have grown from modest starting point to world wide companies in times very short compared to traditional industries and the names have become household brands all over.

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