Business Development in the Field of Creative Industries in Ukraine

Abstract. Introduction. The world market has been dictating the requirements of an innovative and non-standard approach of doing business for the last decade. Thus, the economy is gaining signs of socio-political and socio-cultural spheres of life. The concept of strategic development in the field of creative industries is widely used in Europe and United States. The practical adaptation of this new society direction is only gaining popularity In Ukraine. Creative industries and services that emerged at the crossroads of art, culture, business, and technology are developing today in the world economy. In particular, dance industry is one of the most important areas of development in the cultural and leisure segment of the economy. The development of the dance business is becoming more profitable and promising because of the growing dance popularity in society. Purpose. The aim of the study is to analyse the development of creative industries in Ukraine on the example of dance studios, and identify existing problems in the development of entrepreneurship in this sphere of activity. Results. The advantages of the creative industries development for national economies are determined. The main advantages are getting profit from exports and imports; increasing employment rates, and the number of small businesses. Activity and pace of development of a dance studio are influenced by a number of factors that can either slow down or speed up this pace. Instability of the economic and political situation in the country, low purchasing power of the population, high rents, rising utility costs, and the unwillingness of entrepreneurs to adopt foreign experiences also lead to stagnation in the development. Dance studios are often exposed to administrative risks associated with rent increases, various fines and inspections. Price risk is now most pronounced, as many people lost their jobs and sources of income during the pandemic and war. Also, prices for training, seminars, and competitions began to rise due to the falling of the Ukrainian economy and rising inflation. All this factors significantly reduces the desire and ability of the population to spend money, and, as a result, there is a decline in dance studios. Conclusions Among the main problems hindering the development of the Ukrainian dance industry are low support for the creative sector by the state and a lack of proper legislative, organizational, and information base for this sector. There is a lack of programs and funds that would provide favorable conditions for the development of the creative potential of individual dancers and dance groups. There is no financial assistance to raise awareness of the Ukrainian dance sector in the international market. Overcoming the problems outlined above, ending the war in Ukraine, and improving the business climate will be able to make this sector of the economy profitable and potentially attractive to investors.