The role of creative industries in the regional economy

Aim. To analyze the role of creative industries in regional economic development with a focus on St. Petersburg. Objectives. To study theoretical approaches to the study of creative industries; to examine the existing concepts of creative industries; to analyze various methods of assessing creative industries and their impact on the regions; to evaluate the contribution of creative industries to the economy of St. Petersburg, to study their dynamics and impact on the socio-economic development of the city. Methods . The authors used general scientific research methods such as deduction, analysis, synthesis and logical analysis. Classical research methods were applied to collect and process data on creative industries. Results . The study determined the role of creative industries in the socio-economic development of regions. The understanding of further prospects of creative industries was formed. The fac1tors influencing the economic growth of the region were analyzed. The degree of development of creative industries in St. Petersburg is assessed and their contribution to the structure of gross regional product (GRP) of the region due to the available technical, logistical, digital, cultural and leisure infrastructure is presented. It is concluded that it is the synergetic development of creative industries and related services sector (wholesale and retail trade, catering, tourism, logistics) that can lead to an increase in the quality of life of the population in a particular region, which is the stated goal of socio-economic development of the Russian Federation (RF). Conclusions. Creative industries play a significant role in the regional economy, which is due to their ability to generate creative product and stimulate economic activity. The results of the study showed that the key indicators for assessing the contribution of creative industries are the volume of creative product in the regional GRP, the share of employment in creative sectors and the proportion of creative organizations from the total number of enterprises in the region. The research contributes to the understanding of the mechanisms of creative industries’ influence on the socio-economic condition of a large Russian city, and provides a basis for the development of strategies to support and develop them