Art and Entertainment As Economic Development
Art and entertainment helps in economic development and in increasing the economic vitality of society. Arts as well as entertainment can improve the competitive edge of the community and attract populations which are both new ones and visiting ones as well. They integrate the visions which the business leaders and community have. This also helps to develop skilled workforce.
When creativity is concentrated, the economic development is enhanced both by means of human capital as well as physical density. The firms, artists and various entertainment facilities together result in a multiplier and ripple effect being created. These art and entertainment industries are fed by other ancillary industries which develop as a result as well and in the bargain, the entire society benefits.
The arts and cultural assets of the community are recognized and marketed. This in turn helps in the economic development. In turn, this attracts successful firms and a strong workforce which improves the quality of life for all around. These activities draw people within as well as from out of the community and due to the increase in the visitors, the participation of the residents increases the social and economic capital.
Planners also can deliberately make connections between the entertainment sector, arts and other sectors which go hand in hand such as manufacturing and tourism. This way the economic outcomes can improve as local assets are capitalized on.
For example in the California economy, creative workforce accounts for an excess of 134,000 businesses and there are a total of 500,000 Californians employed in this. There are more than 100,000 other people who also free lance or part time work in these creative workforces. This totally contributes $3.56 billion per year to the economy.
Infact, arts are use to energize communities and they create sustainable communities by investing in various projects which revitalize the entire neighborhood, town or city. These also are used to feed a commercial corridor. Infact even houses which were foreclosed are now turned into art works.
Art based community development consists of art and design classes, galleries, public performances and similar kinds of projects which empower the local youth. Infact, this is used for creation of dynamic and fast growing industry clusters. It also helps industries that are mature in becoming more competitive and it provides ingredients which are critical for innovation.
Thus in short, boosting of art and entertainment helps in giving a boost to the economy as well.