Creative industries in Stockholm bring in more revenue than entire Swedish food industry, report shows
A new report from Invest Stockholm shows that the Creative & Cultural Industries in Stockholm produce more turnover than several of the country’s biggest industries. But the potential for investment often goes unnoticed despite the sector functioning as an engine for the national and regional economy, the report notes.
In 2018 the Creative & Cultural Industries in Stockholm turned over SEK 217 billion. To put this in perspective: Stockholm’s retail industry showed revenues of SEK 160 billion in the same year; the Swedish forestry industry posted SEK 222 billion in revenues in 2016; and the Swedish food industry had revenues totaling SEK 195 billion in 2018.
“The creative and cultural industries contribute to Stockholm's economy with innovation, jobs and growth. But they are also a crucial part of the city's identity and attractiveness, closely linked to our hospitality industry. The economic crisis is deep here and now, Stockholm's creative and cultural industries play a crucial role in the recovery”, says Anna König Jerlmyr, Mayor of Stockholm.
The average value added per employee in the Creative & Cultural Industries in Stockholm amounted to SEK 992,000 in 2018. This is just shy of the total average in Stockholm (SEK 1,125,000 SEK) and comes in just above the total national average (925,000 SEK). The Creative & Cultural Industries are not only important for the economy of Stockholm, but also for its labor market. In all, more than 63,000 people are employed directly in the Creative & Cultural Industries in Stockholm.
A recent surge of interest in the Creative & Cultural Industries comes on the heels of an extended period of growth. Total revenue derived from the Creative & Cultural Industries has grown by 35% since 2010, and the industries employ 13.5% more people today, as compared to 2010.
Multiple factors contribute to Stockholm’s status as a breeding ground for creativity, but the report also outlines key areas where the city must act to bolster skills and ensure continued growth. The content of the report can also contribute to insights on how the Cultural & Creative Industries could contribute to the economic recovery after the pandemic.
READ MORE: Cultural Industries in Stockholm