Resilience and sustainability of creative industries businesses

Abstract

The importance of the creative economy for the development of society not only from an economic but also from a social and cultural point of view has been the subject of numerous scientific and professional studies. The connecting link between them is the observation that creativity has been considered in recent years as a new type of competitive advantage. As a generator of added value for all businesses, the creative industries have unlimited growth potential and are thus seen as a route to sustainable development. One of the problems of the creative industry is to obtain resources for business development. This paper examines the financial structure of selected areas of the creative industries in the Slovak Republic, using mean values for 2016-2019, correlation and regression analysis of financial data in 2019 (before the negative impact of COVID19). The findings point to the absence of credit sources, which confirms the fact that these businesses are perceived as risky and unstable by banks and financial institutions in the Slovak Republic.