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New forms of finance and funding in the cultural and creative industries. Introduction to the special issue

Author

Listed:
  • Ellen Loots

    (Erasmus University Rotterdam, Erasmus School of History, Culture and Communication)

  • Diana Betzler

    (Constance)

  • Trine Bille

    (Copenhagen Business School, Department of Management, Politics and Philosophy)

  • Karol Jan Borowiecki

    (University of Southern Denmark)

  • Boram Lee

    (University of South Australia)

Abstract

This Special Issue seeks to address the perennial question of support options for the cultural and creative industries (exacerbated due to the impact of COVID-19) by bringing together articles that examine and explain various dynamics in CCI financing and funding. The articles in the Issue are diverse in their approaches, methods and data. They range from conceptual, qualitative, and case studies, to analyses based on survey data and granular ‘big data’. The articles mainly address digital fundraising technologies and investment practices. Strikingly absent in this collection of studies are modes of funding in which governments and public providers occupy center stage. Innovation in financing and funding appears to be more the result of new modalities (i.e., technology-driven) than of fundamental shifts in thoughts about how the cultural economy could be approached and how the CCI should be financially sustained. The articles in the Issue suggest the emergence of a new funding paradigm, which steps away from a clear demarcation between public and private in terms of interests and financing modes. This new paradigm embraces collaborative funding mechanisms such as crowdfunding, incubator and accelerator finance, and other pooled investments, as well as digital fundraising technologies that facilitate new modes of asset finance and tokenized funding. Future research themes are being suggested: the merging of project funding with structural budgets, the emergence of new business models and improved labor market conditions due to technology-driven aids, shifts in transaction costs, and issues related to regulation and legislation.

Suggested Citation

  • Ellen Loots & Diana Betzler & Trine Bille & Karol Jan Borowiecki & Boram Lee, 2022. "New forms of finance and funding in the cultural and creative industries. Introduction to the special issue," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(2), pages 205-230, June.
    • Handle: RePEc:kap:jculte:v:46:y:2022:i:2:d:10.1007_s10824-022-09450-x
    DOI: 10.1007/s10824-022-09450-x
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    References listed on IDEAS

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    2. Weber, Cameron & Zhen, Ying & Arias, JJ, 2022. "Practice, Entrepreneurship and Subjectivity in Artist Identification with Applications to the Covid-Era," MPRA Paper 116216, University Library of Munich, Germany.

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    More about this item

    Keywords

    Finance; Funding; Creative industries; Innovation; Technology; COVID-19;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D49 - Microeconomics - - Market Structure, Pricing, and Design - - - Other
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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