Creative Sector
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Executive Summary
The following research report underlines a detailed description on the characteristics influences that lay significant impact on the growth and sustainability of the industries established in the creative sector. In this case, the present report illustrates the fundamental influences on the business sector and thereby, extrapolates its interventions and impact on the music industry with respect to an emerging company in the sector named RQST Music.
Introduction
The global economy is currently witnessing a rapid increase in the economic contributions made by the creative and cultural business sectors, with rapidly emerging innovations and opportunities. It has become one of the staple directions for a massive scale of entrepreneurs and claims conservative shares to a considerably sustainable market. However, the current influence it has laid onto the economy has raised significant competitive engagement by the market leaders. The following research report presents a discussion on the various aspects that influence the growth of businesses in the creative sectors. Thereby, the studied characteristics will be analysed to review their influence on the selected music streaming platform of RQST Music.
Identifying key skills and processes in the creative sector
It is stipulated that work ethics is one of the core skills preferred among the representatives of industries in the creative sector. A primary factor that necessitates the adherence to strong work ethics in the creative sectors is to manage and allow authentic approaches and work without influencing any incidents of corruption. As opined by Sotarauta and Suvinen (2019), most creative inspirations or innovations made in the creative sector are generally regarded as a collaborative approach or an individual creation by unanimous decision making. Thereby, strong work ethics relate to authentic and acknowledge work by the members involved in the various projects. Additionally, workplace ethics also enable the management to prohibit internal disputes by provisioning various policies and contracts that provide the artists recruited by the company with satisfactory returns and benefits for their content. As creative sector industries have majority engagements and projects that offer them to work with celebrities and artist professionals, stringent work ethics followed by all the staff, is essential to facilitate effective security and privacy for these guests who are under the protection and service of the organizing company. It is further noted that creative individuals, be it artists or employees working in the creative sector, both of them are identified to elude the behaviourisms of ‘situationists’ (Jstor.org, 2021). As such, creative people can relay impressions of pragmatic decision-making and simultaneously imply ethical mannerisms of care. It is also stipulated that creative individuals are induced with idealistic characteristics, which however refutes the understanding that creativity among people also expresses a sense of social insensitivity.
Figure 1: Influences in Creativity
(Source: frontiers.org, 2019)
Creativity is another development skill that has gained an impressive scale of preference within all global businesses, which is due to its value as an individualistic and unique cognitive skill that cannot be otherwise programmed into automation. Creativity is also claimed to be the primary sought after skill globally and more significantly for businesses in the creative sector, emerging to be more essential than the basic complex skills and qualifications that are fundamental to businesses. This is witnessed due to the increasing scale of development and integration of technology and creation of sophisticated services and products. As such, efficient operations and progress in the workplace requires employees with skills of effective creative thinking and creative problem solving. In this case, Erickson (2018) states that creative thinking relates to generating original ideas that can support the creative industry to flourish in the market with offering new services or products. It also underlines the skill of implementing new and innovative approaches while making interventions on any aspect of the business. On the other hand, creative problem solving refers to the ability to derive unique processes that can mitigate identified problems, as well as illustrate the best practice and approach to resolve disputes or discrepancies that can be managed through various management methods. As such, creativity is a highly encouraged soft skill relevant to the creative sectors, whereby it enables the business to tackle situations by considering all possible actions to apply the most effective process and undertake an approach of facilitating a person-centred approach to customer service.
Understanding the economic characteristics of the creative sector is an essential factor to compare the nature of sustainability and market growth that a company existent or entering the market can expect. In this case, the sector is highly influenced by demand uncertainty emerging from inconvenient evaluations on effective customer satisfaction and product engagement measures either after or before sales. Zaman et al. (2018) states that a major influence and motivation among the workers in this sector is designated to attributes of originality, professional, technical and soft skills and work ethics. As such, the value and authenticity of products and organizational work is much more appreciated than a satisfactory salary scale. It is also witnessed that creative sector businesses essentially require recruits with a diversity of skills, to support the creation of complex creative products as the company progresses in the competitive market. The products in these sectors can be facilitated with infinitesimal variations in features, quality or design that allows rigorous differentiation from one business to another. It is further noted that the professional skills available in the industry sector are differentiated under vertical alignment. As stated by Hetherington et al. (2020), through this approach, the creative sectors rank their artists and other workers in accordance to their skills of creativity, ethics, originality as others as necessary. This distinction of preferred skills is necessitated in the creative sectors, as minute differences in the required talents or qualifications will lead to large scale irregularities in the accounting measures and therefore, negatively impact the organization in realizing its financial goals and success.
Analyzing the impact of the identified factors on the music streaming company of RQST Music
RQST Music was launched as a music streaming platform that acted as a social jukebox that allows its customers to interact with the hosts or organizers for an event or organization, enabling them to make requests for their favourite songs while also allowing the customers to vote for their loved music genre and albums to be played more frequently in those social settings. In this case, the organization offers its customers with greater value by offering service to avid listeners in different social settings that they visit (Rqstmusic.com, 2021). As such, the company makes a unique gesture by allowing the people to avail greater interactions with various music environments and not just facilitate an individual experience.
Figure 2: Creative services offered by Request Music
(Source: Rqstmusic.com, 2021)
The value for work ethics is therefore highly imposed for supporting sustainable operations of the business. Following strict work ethics at RQST Music becomes an essential component for its business operations as it aspires to partner with various DJ artists allowing them better insight into the preferences of their audience. In this case, effective work ethics at the company is necessitated to allow these DJ artists to be appropriately represented by the company and make a genuine contract or offer (Rqstmusic.com, 2021). As the organization also aspires to launch new, creative DJs into the market, stringent work ethics is necessitated to prevent the business executives from exploiting their talents for the sake of gaining profits. These channels of work appear highly inclusive with the artists that they launch or partner with. As such, consistent neglect to work ethics will not only harm the reputation and measure of sustainable business for the company in the future, while also affecting the reputation and fan base of the artists significantly.
Creativity is also stipulated as an essential professional skill and organizational approach for RQST Music to avail greater market share and acquire a consistent and engaging customer base. Creativity in the marketing approaches is necessary for the firm to avail potential purchases from the majority of individual music streamers and listeners, but also infiltrate various other markets that offer hospitality and lodging-based services. The company can effectively benefit in acquiring potential purchases or subscriptions from such customer service brands which also offer an environment of music. RQST Music can gain access to these markets by the value of creativity in marketing, whereby the company must promote its features as a mode of generating increased revenue and satisfied customer experience for various service-related businesses.
While the music streaming business has witnessed massive growth and rise in competition in recent years, the underlying uncertainty of demand still persists. Emerging competition in the sector is one of the primary reasons for such fluctuations in demand. This underlines that RQST Music must focus on availing innovations and conduct efficient market research to define a consistent demand market and make sustainable sales. As stated by Wadhwa et al. (2017), increasing engagement into innovations will also benefit the company in managing motivations among its skilled employees and thereby also enable successful outcomes while working with complex creative products. It is further noticed that the company is also impacted by the proficiency of variations in one product. This pertains to a threat of new entrants in the market who can gain significant market easily by differentiation as well as raises the bargaining power of customers due to the availability of numerous alternatives.
Conclusion
The following research report presents a conclusive discussion on the three primary characteristics of creativity, work ethics and the economic influences, which govern the conduct and growth of businesses in the creative sector. It is understood from this report that the music streaming platform of RQST Music faces significant concerns with regards to its economic characteristics and limitations as a creative sector industry, while it also requires effective principles of work ethics and rigorous creativity to build a sustainable business in this sector that is emerging as a significant economic influence and rising competition.
Reference List
Erickson, K., (2018). Can creative firms thrive without copyright? Value generation and capture from private-collective innovation. Business Horizons, 61(5), pp.699-709.
Hetherington, L., Chappell, K., Ruck Keene, H., Wren, H., Cukurova, M., Hathaway, C., Sotiriou, S. and Bogner, F., (2020). International educators’ perspectives on the purpose of science education and the relationship between school science and creativity. Research in Science & Technological Education, 38(1), pp.19-41.
Jstor.org, (2021). Understanding the Complex Relationship between Creativity and Ethical Ideologies. Available at: https://www.jstor.org/stable/40294876?seq=1
Rqstmusic.com, (2021). DJ. Available at: https://www.rqstmusic.com/dj
Rqstmusic.com, (2021). Home. Available at:https://www.rqstmusic.com/
Sotarauta, M. and Suvinen, N., (2019). Place leadership and the challenge of transformation: Policy platforms and innovation ecosystems in promotion of green growth. European Planning Studies, 27(9), pp.1748-1767.
Unevoc.unesco.org, (2021). Skills for the creative industries. Available at: https://unevoc.unesco.org/fileadmin/up/BackgroundNote_VC-CreativeIndustries-Collard.pdf
Wadhwa, A., Bodas Freitas, I.M. and Sarkar, M.B., (2017). The paradox of openness and value protection strategies: effect of extramural R&D on innovative performance. Organization Science, 28(5), pp.873-893.
Zaman, L., Sarker, A.R. and Akhter, N., (2018). Study on Practice of Soft Skills among the Workforce: A Case from Ready Made Garment (RMG) Industry of Bangladesh. International Journal of Asian Social Science, 8(10), pp.808-8018.
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