Digital Creative Economy 2024 .. A New Report By D3 and Dubai Media City
Dubai Design District (d3) and Dubai Media City have launched a new report titled “Digital Creative Economy 2024.”
The report highlights that the global digital creative economy will continue to grow, reaching a value of AED 27 trillion.
This growth underscores promising opportunities in the sector.
As it is diversifying growth sources, particularly through emerging and young talents.
The expansion of cutting-edge technological innovations, such as artificial intelligence (AI), Web 3, and virtual reality, is a key driver of this growth.
Global Digital Creative Economy Grow at a Compound Annual Rate of 11%
The “Digital Creative Economy 2024” report is prepared by d3 and Dubai Media City in partnership with Monstarlab.
The report includes data and insights collected from over 20 industry leaders and surveys with 400 professionals in design and media across the UAE and the world.
It offers a comprehensive view of opportunities to promote the growth of the global digital creative economy.
Moreover, this report is released as Dubai cements its position as a global capital of the creative economy.
Mentioning that Dubai ranked first in foreign direct investment flows and job creation in the cultural and creative industries in 2023, according to the Financial Times’ FDI Markets report.
Projections in the report suggest that the global digital creative economy will grow at a compound annual rate of 11%, reaching AED 27 trillion by 2030.
This forecast is based on an innovative market model developed by Monstarlab.
It reflects the expected size of global design and media sectors.
As well as other sectors such as books, audiovisual media, culture, heritage, visual arts, fashion, and product design.
Rapid Transformation
The report’s findings come at a pivotal time for the creative industries.
Because emerging technologies like generative AI are reshaping production processes.
They are also creating positive changes in current business models.
The report highlights how new technologies are impacting skills and services across various fields.
From fashion design and architecture to visual arts, advertising, and events.
Majed Al Suwaidi, Senior Vice President of Tecom Group, emphasized the rapid transformation of content production, distribution, and monetization over the past decade.
He noted that technologies like AI, Web 3, and virtual reality open new possibilities for the media sector.
But also require a deep understanding of their potential impacts.
Additionally, Al Suwaidi praised government strategies, such as the Dubai Economic Agenda D33 and Dubai Media Vision.
Due to their role in supporting innovation and the local creative sector.
Dubai … A Global Hub For Creativity
Khadija Al Bastaki, Senior Vice President of Tecom Group at d3, highlighted the critical role that creative industries play in driving global economic growth.
She stressed that Dubai’s strategic support aims to unlock the full potential of the creative sector.
With Dubai’s Creative Economy Strategy aiming for the creative industries to contribute 5% of the emirate’s GDP by next year.
Abu Dhabi Stem Cell Center announced its new strategic plan to cooperate with American companies to continue leading advanced research, development and clinical care projects in the field of cell therapies. pic.twitter.com/Jc9Pgdxvvx
— UAE Voice (@uae_voiceeng) September 25, 2024
The report emphasizes Dubai’s global position as a hub for creativity.
Drawing comparisons with cities like Milan and London for design and Manchester and Los Angeles for media.
Key initiatives, such as Dubai Fashion Week and strategic national agendas like the D33 and Creative Economy Strategy, continue to drive the integration of emerging technologies like AI into Dubai’s diversified economy.
