Creative Industries in singapore - Essay Example

CREATIVE INDUSTRIES IN SINGAPORE s Full Full [Day Month Year] Singapore is one of the developing countries that have much recently improved their reputation amongst all others. The prime reason behind this enhanced position is a greater emphasis and focus on the generation of skills and knowledge, with specific regard to creative industries. Creative industries are becoming increasingly popular and important for the progress and evolution of developing countries towards the better developed ones, enabling a better use of their particular skills and creativity combined with a much better generation and use of knowledge.

Creative industry or cultural industry basically refers to the way knowledge and expertise is used to uphold, encourage and promote a country’s ethnicity nationally as well as internationally. This not only creates an international market for local products but also increases employment on a large scale, even in the most diverse areas. These industries in which creativity in the most significant input largely contribute to the overall wealth conception of a country. Singapore’s creative economy currently contributes an estimate of 2.8% to 3.2% to the Gross Domestic Product (GDP).

This amount can be increased to a large extent as there is a great deal of possibility for growth in Singapore and according to a survey creative economy is growing at a much better pace as compared to the overall economy of many countries all over the world. The creative industries in any country can be classified into the three broad areas of Media, Arts and Culture and Design. The Singapore government is making high investments in this industry as they have acknowledged the fact that such industry if given proper attention today can lead to a better and more prosperous tomorrow.

The sub-sectors of the Singaporean cultural economy include film industry, music, design, animations, arts and craft etc. As mentioned above cultural industries are increasingly providing international markets for Singapore’s local products and making them more and more popular and admired by its audience. Using the Porter’s diamond model, Singapore’s current position in the international industry can be considered. The Porter’s diamond is a model used to establish the reason for the well doing of a particular nation that achieves international success in any industry.

The creative industry in Singapore can be explained using the framework as provided by the Porter’s diamond model. Porter’s diamond is a model that includes four factors of national benefit or detriment as mentioned below. Factor Conditions: This relates to all those factors that a company can utilize and take advantage of. Singapore has the natural advantage of being a central hub for the eastern and western nations which gives its creative industry a very unique blend of different tastes all over the world.

This multi-cultural feel can be found in the film industry, arts and craft, and even in the music of Singapore. This uniqueness is welcomed much appreciated by its audience all over the world. Demand Conditions: If the domestic market for local products is high and demanding, it has an influence on the overall competitiveness of the company making it wants to achieve better quality and introduce more sophisticated products. Singapore’s location on the globe gives it the competitive advantage to combine the multi-cultural effect in its creative industry which is much desired by its consumers.

Singapore has access to the Asian markets where its music, films, arts and crafts, designs and animations are greatly valued respected for its uniqueness. Related and Supporting Industries: Any company cannot survive in isolation, there is a complete infrastructure that needs to be in place in order to support and sustain the objective of achieving good quality products (OOI, 2006). The existence or non-existence of related and supporting industries can lead to greater competitiveness and cost reductions or vice versa.

Singapore’s bilingual policy offers it the benefit of aiming many different language markets. The creative industry has been recently provided with the entire infrastructure and supporting industries have come into existence like Design Singapore, Renaissance City 2.0 and Media 21. Singapore’s cultural industry has definitely been lucky with its support by the government witnessed by the much recent investment made in the arts and crafts and cultural development sectors. More than a billion dollars have already been invested to produce top notch arts and crafts.

Firm Strategy, Structure and Rivalry: Existing rivalry between different firms can make them more competitive where as a monopoly or oligopoly situation stifles creativity and innovation and also result in increased prices. Firm strategy and structure are definite and most internal areas that a firm needs to build on successfully in order to achieve external success. With the growth in the creative economy comes the growth in rivalry and increased competition but Singapore has got definite and very well planned ideas for the development of its cultural sector that it is sure to achieve much success and growth in the upcoming future.

References OOI, C.-S. (2006). The Creative Industries in Singapore Freedom of Expression in a Soft Authoritarian Regime.