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Global digital creative economy to reach Dh27 trillion by 2030, study finds

Survey shows growing appetite for the adoption of AI solutions to strengthen the local creator economy

The global digital creative economy represents an Dh27 trillion opportunity to achieve diversified growth led by young and emerging talent amid the steady proliferation of disruptive technologies like artificial intelligence (AI), Web3, and virtual reality, a study shows.

The Digital Creative Economy 2024 white paper by d3 and Dubai Media City, developed in partnership with global digital consultancy Monstarlab, compiles feedback from engagements with more than 20 leaders and a survey of 400 UAE- and internationally-based design and media professionals.

The white paper’s launch comes as Dubai reaffirms its position as the global capital of the creative economy, ranking first on the Foreign Direct Investment (FDI) Index for project inflows and job opportunities in the cultural and creative industries in 2023, according to the fDi Markets report by the Financial Times.

The global digital creative economy is expected to note compounding growth of 11 per cent each year to reach a valuation of Dh27 trillion by 2030, according to an innovative market sizing model built by Monstarlab that reflects the average combined sizes of the global design and media markets as well as verticals defined by global and UAE standards, including books, audio-visual media, culture and heritage, visual arts, fashion, and product design.

“There has been a seismic shift in how content is produced, distributed, and monetised over the past decade, and the rapid pace of this convergence demands tomorrow’s talent is armed with the necessary skills and training to unlock its full potential,” said Majed Al Suwaidi, senior vice president of Dubai Media City, at Tecom Group.

“AI, Web3, and virtual reality are swiftly pushing the horizon of what’s possible for the future of media, but this tech-driven landscape demands a deep, holistic understanding of the implications of these new tools. Strategic support, be it through Dubai Economic Agenda ‘D33’ or Dubai Media’s vision to champion homegrown content creation. It’s an exciting era for content creators as technology redefines every facet of our lives, and our white paper provides a blueprint for a new breed of creative innovators to chart their future success.”

“The creative industries are an undeniable springboard for economic growth,” said Khadija Al Bastaki, senior vice president of Dubai Design District (d3). “Strategic support in our city, too, is geared towards helping to unlock the potential of the creative sector. This is apparent in the Dubai Creative Economy Strategy, which aims to raise the GDP contribution of creative industries to 5 per cent by next year. To build upon Dubai’s contribution to the global design sector, we must continue to look forward and prepare for the next priorities courageously, collaboratively, and innovatively. This white paper demonstrates our deep commitment at d3 to championing this vital conversation and ensuring an even stronger future that is informed, favourable and progressive for all our creative stakeholders.”

The study also explores the UAE’s role as a contributor to the global creative industry, particularly as the fastest mover within the GCC to grow and digitise its creative economy. The majority of design (83 per cent) and media (77 per cent) of professionals surveyed for the white paper agree Dubai and the UAE provide well-developed infrastructure to enable creative excellence.

Benchmarking Dubai against global design capitals like Milan and London as well as media centres such as Manchester and Los Angeles, d3’s and Dubai Media City’s white paper finds Dubai has established itself as a global player through key levers nurturing the digital creative economy, including talent, government support, innovation, and infrastructure.

Events like Dubai Fashion Week, co-founded in February 2023 by d3 and the Arab Fashion Council, have firmly established the city’s position on the global creativity landscape. Strategic visions like Dubai Economic Agenda ‘D33’, Dubai Creative Economy Strategy, and Dubai’s Universal Blueprint for AI (DUB.AI) – as well as the establishment of the Virtual Assets Regulatory Authority, the first of its kind in the GCC – are accelerating the integration of AI across all facets of Dubai’s diversified economy.