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Economic Impact of Artificial Intelligence on the Creative Industries

Author

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  • Dimitar Ganchev

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

Artificial intelligence (AI) has become an integral part of creative markets. It has a dual nature and it can be considered both as an input and as an output. As an input AI presents a technological solution, which in its interaction with other creative inputs can be transformed into economic outputs with the characteristics of creative products. The economic life of these products is shaped by intellectual property legislation and practice, as creative markets are basically rights markets. This dual nature of AI suggests that AI acquires economic functions and characteristics, which have major consequences in terms of demand and supply, value generation, efficiency gains and productivity. While AI creates numerous opportunities it disrupts traditional creative markets and widens the digital divide. AI becomes an area of strategic importance to governments and companies.

Suggested Citation

  • Dimitar Ganchev, 2024. "Economic Impact of Artificial Intelligence on the Creative Industries," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 47-63, March.
    • Handle: RePEc:nwe:iisabg:y:2024:i:1:p:47-63
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    More about this item

    Keywords

    Intellectual property; Copyright; creative industries; artificial intelligence; economic efficiency;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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