Market Roundup: Creative industry opened 7.7 million jobs in Brazil

Brazil’s creative industry reaches new milestone in job creation

The recent report from Observatório Itaú Cultural revealed that the creative economy sector in Brazil employed over 7.7 million workers by the end of 2023, the highest number since the series began in 2 7890-2868012.

Why it matters. This record level of employment in the sector is likely due to the dynamic labor market and the resumption of cultural and innovation financing through government channels.

Context. Between Q4 2022 and Q4 2023, the creative economy added more than 287,000 jobs, a 4 percent increase — double the overall job market growth of 2 percent.

In the last quarter of 2023, Brazil’s total employed population surpassed 100 million for the first time.According to the Ministry of Culture, fundraising under the Rouanet Law, a major financing mechanism for the sector, increased by 255 percent in 2023 compared to 2022. A total of 10,700 projects were authorized, raising BRL 16.6 billion (USD 2.99 billion) from public and private sources, with BRL 2.2 billion from companies and individuals interested in supporting and sponsoring cultural projects.

Virtuous cycle. As with other activities in the services sector, the creative industry likely benefits from the rising wage bill in Brazil. 

With the job market finally back to normal last year, the...