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;udture boosts citiesÌ attractineness W orld- class cu lt u ral infrast ru ct u re is a cat aly st for u rb an development : b u ilding a mu seu m oft en offers opport u nit ies t o engage in large u rb an development proj ect s and t o develop a new “ cit y b rand” arou nd cmltmral and creative indmktriek& Kmc` Öa_k`ih hrobectk Zookt a cityÌk attractivenekk for tomriktk$ talent and h igh ly sk illed w ork ers. B ilb ao, in S pain’ s B asq u e Cou nt ry , is now an icon of cu lt u re- led u rb an regenerat ion: const ru ct ion of t h e G u ggenh eim M u seu m led t o t h e creat ion of more t h an 1 , 0 0 0 fu ll- t ime j ob s, and t ou rist visit s h ave since mu lt iplied eigh t - fold. E q u ally import ant , CCI mak e cit ies more livab le, providing t h e h u b s and many of t h e act ivit ies arou nd w h ich cit iz ens develop friendsh ips, b u ild a local ident it y and find fmlfilleent& L`e in^oread econoeq is a nast resernoir o^ bobs Informal CCI sales in emerging cou nt ries w ere est imat ed t o t ot al U S $ 3 3 b in 2 0 1 3 and t o provide )&* eillion boZk& Herforein_ artk are t`e Zi__ekt eehloyerk in t`e inforeal econoey$ hrovidin_ mnofficial mu sic and t h eat er performances ( st reet performances, fest ivals and concert s t h at do not pay au t h ors’ righ t s, privat e performances at marriages and fu nerals, et c. ) , w h ich are oft en free for au diences. In Africa, t h ese performances are somet imes fu nded b y individu al sponsors. Denera_in_ a eore creatine oord\ • Promoting author’s rights: If w e w ant au t h ors and creat ors t o cont inu e creat ing cu lt u re and promot ing cu lt u ral diversit y , t h ey mu st b e compensat ed fairly for t h e u se of t h eir w ork s. T h e cu rrent failu re t o properly rew ard creat ors is limit ing CCI revenu es, and h olding b ack t h eir grow t h and ab ilit y t o generat e j ob creat ion. • Looking for growth: As companies ch ase t h e scale needed t o ex ploit t h eir b est cont ent ideas across glob al mark et s, consolidat ion is b ack in vogu e. E Y ’ s 2 0 1 5 M edia & E nt ert ainment Capital Confidence Barometer sh ow s t h at 5 0 % of CCI companies ex pect t o pu rsu e acq u isit ions in t h e nex t 1 2 mont h s. • Pursuing global expansion: M at u re mark et s remain t h e most at t ract ive for invest ment b y CCI companies and organiz at ions. N onet h eless, Ch ina and India are t h e emerging mark et s of ch oice for many ex ecu t ives, draw n primarily b y t h eir st rong grow t h and massive long- t erm pot ent ial. • Balancing online monetization: ;;A hlayerk face too difficmltiek2 tryin_ to herkmade conkmeerk to pay for somet h ing t h ey may h ave b een accessing for free, and ex t ract ing a fair sh are of t h e valu e generat ed b y cu lt u ral cont ent , w h ich h as b een largely capt u red b y online int ermediaries. T h e prob lem of a valu e ch ain dist ort ed in favor of int ernet int ermediaries needs t o b e addressed b y policy mak ers across b orders, so t h at t h e int ernet b ecomes a fair- t rade place for creat ors and t h eir w ork s. • Nurturing talent: T alent is t h e lifeb lood of cu lt u ral and creat ive indu st ries. According t o u rb an economist R ich ard F lorida, t h e “ creat ive class, ” inclu ding designers, art ist s and h igh - sk illed int ellect u al w ork ers, act s as an engine of innovat ion and u rb an development , st ru ct u ring creat ive h u b s and net w ork s for t h e economic, social and cu lt u ral development of t h eir nat ive cit ies and regions. | Cultural times L`e Õrst _dobad eah o^ cudturad an\ creatine in\ustries 9

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