# What's the Creative Economy? <div class=iframe-container> <iframe width="560" height="315" src="https://www.youtube.com/embed/I0ahRdvSJOo" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe> </div> The "creative economy" is one way of framing creativity in the context of its community. Focusing on the economic nature of creative work, this frame can help policy makers and advocates think about creative work and the many ways it overlaps with what we do, make, buy, and sell. The [Creative Vitality Suite (CVSuite)](https://cvsuite.org) is an online tool that helps people understand and apply insights about creative work. This video is their short overview of the two primary ways to consider the creative economy. ## Transcript Welcome to DataEd, by Creative Vitality Suite. DataEd is an exploration into the creative economy and data analysis. In this series we will introduce concepts on the philosophy of defining the creative economy, learn more about data sources, and dive into the methods of data analysis that will serve as the foundation for understanding the creative economy. Part 1: Defining the Creative Economy Philosophy The first step in understanding your creative economy is to define it. A universal definition of the creative economy does not exist. There are many different world views and considerations that inform how people set these definitions. Some organizations have included only traditional arts, such as visual and performing arts, in their definitions. Others have included a broader scope such as industries and occupations in the for-profit design fields and even occupations such as software development in technology. When it comes to defining your own creative economy, there are two key approaches one can take. The first is the conceptual model or “macroeconomic” approach. This defines the creative economy according to how creativity generates value across the overall economy. It shows how economic value is derived from direct creative production. Examples are works created by individual artists, intellectual property rights to creative works (for example, publishing), and value added to other goods and services by design and other creative processes. The second approach is industry mapping or the “microeconomic” approach. This defines the creative economy primarily according to the creative industries and their activity within it. This approach uses established theories to determine which industries to include or exclude from the creative economy. The main differences in these two approaches are data sources, industries, and specificity of focus. CVSuite bridges these approaches by capturing, across industries, creative industry activity and creative occupations using reliable data sources. This enables our clients to build their own model of the creative economy while benefiting from robust and comparable data. Conclusion: Put it All Together Understanding how to define your creative economy is just one building block in evaluating your region’s creative economy. Watch our next video in the series, Understanding Data Sources and Classifications, where we will explore various data sources. DataEd - smart, simple, effective. ## Tags (click to view related pages) #fundamentals #video #seedling