Economic Impact of Artificial Intelligence on the Creative Industries

Dimitar Ganchev
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Dimitar Ganchev: University of National and World Economy, Sofia, Bulgaria

Ikonomiceski i Sotsialni Alternativi, 2024, issue 1, 47-63

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.

Keywords: Intellectual property; Copyright; creative industries; artificial intelligence; economic efficiency (search for similar items in EconPapers)
JEL-codes: A12 K11 M21 (search for similar items in EconPapers)
Date: 2024
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