Images: Shutterstock
PM Narendra Modi spoke about India becoming an Orange Economy at the Indian World Audio Visual & Entertainment Summit (WAVES) in Mumbai.
Well, it's a term coined by Iván Duque Márquez and Felipe Buitrago in the book The Orange Economy: An Infinite Opportunity.
Here are nine key takeaways from the book.
The book redefines “Creative Economy” as “Orange Economy”, encompassing the “immense wealth of talent, intellectual property, interconnectedness and cultural heritage.”
In essence, the orange economy encompasses sectors based on intellectual property, such as advertising, fashion, film, research, videogames and visual and performing arts.
The book asks how a sector making up 6.1% of the global economy in 2005 did not register on economists’ radar.
The Orange Economy is a net taxpayer, which means sectors included in it pay more in taxes than they receive in subsidies.
With the rise of the internet and smartphones in the past few decades, creative sectors like gaming, music and film have found a platform for immense growth.
The Orange Economy comprises three dimensions: supply or creation (artists, troupes), demand or engagement (fans, critics) and institutions or environment (art councils, ministries).
At the heart of the three dimensions lie intellectual property rights.
A creative cluster refers to a building, neighborhood or any relatively small physical space in which Orange Economy businesses are concentrated, like London’s Soho House!
It connects centres through which business clusters and talent meet to produce, develop and commercialise Orange Economy goods like music, film, video games, etc.
Thanks for reading!
See next