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A new white paper by Dubai Design District and Dubai Media City has revealed the global digital creative economy could be worth up to $7.35 trillion as it aims to achieve diversified growth led by young and emerging talent amid the emergence of artificial intelligence (AI), Web3, and virtual reality.

Developed in partnership with global digital consultancy Monstarlab, the Digital Creative Economy 2024 white paper compiles feedback from engagements with more than 20 leaders and a survey of 400 UAE- and internationally based design and media professionals to provide a holistic overview of growth opportunities in the global digital creative economy.

The white paper’s launch comes as Dubai reaffirms its position as the global capital of the creative economy, ranking first on the Foreign Direct Investment (FDI) Index for project inflows and job opportunities in the cultural and creative industries in 2023, according to the FDI Markets report by the Financial Times.

The global digital creative economy is expected to note compounding growth of 11% each year to reach a valuation of to $7.35 trillion by 2030, according to an innovative market sizing model built by Monstarlab that reflects the average combined sizes of the global design and media markets as well as verticals defined by global and UAE standards, including books, audio-visual media, culture and heritage, visual arts, fashion, and product design.

The white paper’s findings come at a pivotal time for creative industries as the advent of generative AI breaks new ground in production processes to transform existing business models. 

Developed by d3 and Dubai Media City, two of Tecom Group’s 10 sector-specific business districts across Dubai, the paper explores how the accelerated trajectory of emerging technologies is influencing skills and services ranging from fashion design and architecture through to visual arts, advertising, and events.

“There has been a seismic shift in how content is produced, distributed, and monetised over the past decade, and the rapid pace of this convergence demands tomorrow’s talent is armed with the necessary skills and training to unlock its full potential,” said Majed Al Suwaidi, Senior Vice President of Dubai Media City, at Tecom Group.

“AI, Web3, and virtual reality are swiftly pushing the horizon of what’s possible for the future of media, but this tech-driven landscape demands a deep, holistic understanding of the implications of these new tools. 

"Strategic support, be it through Dubai Economic Agenda ‘D33’ or Dubai Media’s vision to champion homegrown content creation, is crucial to nurturing such innovation-led creativity, and Dubai Media City is committed to enhancing the local media sector’s value chain by contributing to these programmes. It’s an exciting era for content creators as technology redefines every facet of our lives, and our white paper provides a blueprint for a new breed of creative innovators to chart their future success.”