Postgraduate Course: Creative Markets (EFIE11016)
Course Outline
| School | Edinburgh Futures Institute |
College | College of Arts, Humanities and Social Sciences |
| Credit level (Normal year taken) | SCQF Level 11 (Postgraduate) |
Availability | Available to all students |
| SCQF Credits | 10 |
ECTS Credits | 5 |
| Summary | *Programme Core Course: Creative Industries (MSc)*
Please Note:
This course is only available to students enrolled on the Creative Industries (MSc) degree.
Creative industries generate cultural, social, and economic value to society. To create this value, creative organisations face two key challenges: how to manage data and how to achieve financial sustainability. Leaders rely on data to generate new opportunities, shift objectives, and track the effectiveness of their strategies and programs. The course examines creative industries as cultural production systems by drawing on a variety of disciplines (economics, sociology, strategic management) and by utilising specific cases to understand their historical, cultural, structural and competitive dynamics. |
| Course description |
What do Spotify and the British Museum have in common? What processes led to the creation of molecular gastronomy and the success of Cirque Du Soleil? Who can claim ownership rights over a Banksy's work, given the anonymity of the artist? Exploring these and other questions, the course aims to introduce students to the basic dimensions that characterise creative and cultural industries systems.
The course draws on sociological, economic, and strategy frameworks to understand the creative industries, how creativity and culture are produced, what are the business models for creating cultural, social, and economic value, and what are the dynamics of cooperation and competition that characterise the creative industries.
The assessment of the course is a single individual piece and consists in the financial and strategic analysis of an Edinburgh-based organisation. The analysis will be in the form of a slide deck, combining narratives with data visualisations. This format will help students prepare them to engage with creative and cultural organisation stakeholders.
The course includes some tutorials on financial statements and budgeting - optional for students with a business background, mandatory for those without.
This course is taught intensively, with the scheduled teaching in two 1-day workshops, over a two-week period.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | None |
Information for Visiting Students
| Pre-requisites | None |
| High Demand Course? |
Yes |
Course Delivery Information
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| Academic year 2024/25, Not available to visiting students (SS1)
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Quota: None |
| Course Start |
Semester 1 |
| Course Start Date |
16/09/2024 |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
100
(
Lecture Hours 14,
Seminar/Tutorial Hours 4,
Online Activities 6,
Programme Level Learning and Teaching Hours 2,
Directed Learning and Independent Learning Hours
74 )
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| Assessment (Further Info) |
Written Exam
0 %,
Coursework
100 %,
Practical Exam
0 %
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| Additional Information (Assessment) |
Summative Assessment:
The course will be assessed by means of the following assessment components:
1) Organisational Analysis Presentation Slides (4-6)
Analysis of an Edinburgh-based organisation's annual reports to understand the financial situation, intangible assets that enable (or not) competitive advantage, and whether the organisation is using its financial and intangible assets to enact its mission.
Assessment will be a four-to-six slide deck that visualises and interrogates financial and market data for specified organisation. |
| Feedback |
Feedback on the formative assessment may be provided in various formats, for example, to include written, oral, video, face-to-face, whole class, or individual. The course organiser will decide which format is most appropriate in relation to the nature of the assessment.
Feedback on both formative and summative in-course assessed work will be provided in time to be of use in subsequent assessments within the course.
Feedback on the summative assessment will be provided in written form via Learn, the University of Edinburgh's Virtual Learning Environment (VLE).
Feedback on assessment consists of each student receiving comments on their slide deck as well and a generic format that identifies what constituted excellent versus poor performance.
In addition to feedback on the assessment, there are two formative feedback strategies to help prepare the students for their individual assessment. For the cases, students are asked to prepare a brief analysis of key issues, which are available before the session. |
| No Exam Information |
Learning Outcomes
On completion of this course, the student will be able to:
- Demonstrate and integrate knowledge of the key strategy concepts and theoretical frameworks such as competitor analysis and business models for analysing creative industries.
- Apply these concepts and frameworks to new situations to generate original insights and reflect on appropriate strategies and practices.
- Deal with complex issues and make informed judgements in case analyses, realising that there is an absence of complete or consistent data/information.
- Undertake critical evaluations of financial data, market data and organisational data, and being able to represent key trends and patterns.
- Demonstrate leadership and/or originality in tackling and resolving organisational problems and issues outlined in cases.
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Reading List
Indicative Reading List:
Key text:
Caves, R. E. Creative Industries: Contracts between art and commerce. Cambridge. MA: Harvard University Books.
SESSION 1: Organizing, Generating and Capturing Value Under Uncertainty
Essential:
Caves, R. 2002. Introduction: 'Economic Properties of Creative Activities' pp. 1-17
Caves, R. 2002. IV Cost Conundrums pp. 221-222
Caves, R. 2002. Chapter 14: 'Covering High Fixed Costs' pp 223-237
Porter, M.E. 1996. What is strategy? Harvard Business Review, November-December: 4-21. Reprint #96608. (17 pages)
Hall, R. 1992. The strategic analysis of intangible resources. Strategic Management Journal, 13: 135-144 (10 pages)
Teece, D.J. 2018. Business models and dynamic capabilities. Long Range Planning, 51(1): 40-49 https://doi.org/10.1016/j.lrp.2017.06.007. Creative Commons see https://www.sciencedirect.com/science/article/pii/S0024630117302868
Case#2: Restoring the British Museum. IMD 3-2230 20.02.2013
Recommended:
DCMS Economic Framework for Valuing Culture and Heritage: https://www.gov.uk/government/publications/valuing-culture-and-heritage-capital-a-framework-towards-decision-making).
Bakhshi, H., Cunningham, S. & Mateos-Garcis, J. 2015. Public policy for the creative industries: 465-485. In C. Jones, M. Lorenzen & J. Sapsed (editors), Oxford Handbook of Creative Industries. Oxford, England: Oxford University Press. (20 pp)
Caves Chp 16 'Cost Disease and Its Analgesics' (15 pp)
Caves Chp 17 'Durable Creative Goods' (15 pp)
Bourdieu, P 1984/1998. Distinction: A Social Critique of the Judgement in Taste. Introduction pp. 1-7 Harvard University Press.
DeFillippi, R., Grabher, G. & Jones, C. 2007. Introduction to paradoxes of creativity: managerial and organizational challenges in the cultural economy. Journal of Organizational Behavior J28, 511-521 (2007) DOI: 10.1002/job.466
Porter, M.E. 2008. The five competitive forces that shape strategy. Harvard Business Review, January: 25-40.
SESSION 2: Curating and Gatekeeping: Person vs Platforms
Essential:
Becker, H.E. 1984. section on 'Conventions' in Chapter 1 Art Worlds and Collective Activity pp. 28-34. Art Worlds. Berkeley, CA: University of California Press
Peterson, R. A. & Anand, N. 2004. The Production of Culture Perspective. Annual Review of Sociology, 30: 311-334
Foster, P.B., Borgatti, S.P. & Jones, C. 2011. Gatekeepers search and selection strategies: Relational and network governance in a cultural market. Poetics, 39 (4), 247-265. doi:10.1016/j.poetic.2011.05.004
Cusumano, M.A., Gawer, A & Yoffie, D.B. 2019. Chapter 1: Platform Thinking (pp. 1-28) of The Business of Platforms: Strategy in the Age of Digital Competition, Innovation and Power. New York: Harper Collins.
Case: Spotify: Face the Music (update 2019) IES739-SM-1685-E July 2019 (pp. 17 text, 26 with figures).
Case: Restoring the British Museum.
¿ Restoring the British Museum https://www.thecasecentre.org/courses?id=1512000&pdid=108821&opid=942291
¿ Spotify: Face the Music (Update 2019) https://www.thecasecentre.org/courses?id=1512001&pdid=165687&opid=942292
Recommended:
Caves Chp 3 'Artist and Gatekeeper' (21 pp)
Chen. M.J. 2008. Reconceptualizing the competition cooperation relationship. Journal of Management Inquiry, 17(4): 288-305=4
https://journals.sagepub.com/doi/pdf/10.1177/1056492607312577?casa_token=HOMubiN_R6QAAAAA:P29dierGgCtOsGIi6ZLKp1aPkmzBumh6-fXoSeRqDN6mcGf2XFxYkqaAnR5Kbd8xJozUNMp-n_Br
Jones, C. Lorenzen, M, & Sapsed, J. 2015. Creative Industries: A Typology of Change pp. 4-30. In C. Jones, M. Lorenzen & J. Sapsed (editors), Oxford Handbook of Creative Industries. Oxford, England: Oxford University Press.
Further:
McKeon, S. 2018. What is a blockchain token? PBSNewshour, 5 Aug. https://www.pbs.org/newshour/science/what-is-a-blockchain-token
Barber, G. 2019. What's blockchain actually good for anyway? For now, not much. Wired, 28 October. https://www.wired.com/story/whats-blockchain-good-for-not-much/?bxid=5be9ebb72ddf9c72dc7f0c39&cndid=42590504&esrc=AUTO_OTHER&source=EDT_WIR_NEWSLETTER_0_DAILY_ZZ&utm_brand=wired&utm_campaign=aud-dev&utm_mailing=WIR_Daily_102819&utm_medium=email&utm_source=nl&utm_term=list1_p4 |
Additional Information
| Graduate Attributes and Skills |
Research & Enquiry:
(1) Understands and can apply the key strategy concepts and theoretical frameworks
Personal & Intellectual Autonomy:
(1) Able to analyse complex business situations and rapidly structure ideas and arguments.
(2) Synthesizes and articulates relevant information about a cultural organisation in a clear, sound and explicit way.
(3) Demonstrates original insights and recommendations for strategic action.
Personal Effectiveness
(1) Sets goals, manages information and accomplishes tasks within a delimited time frame.
Communication skills
(1) Demonstrates effective communication skills revealed in infographics, texts and slides.
(2) Demonstrates skills of clear argumentation, persuasion and communication of analysis and conclusions to key audiences.
Knowledge and Understanding:
(1) Manages and synthesises relevant information in a clear, sound and explicit way.
(2) Applies theory and frameworks to new contexts and situations.
Cognitive and Subject Specific Skills:
(1) Understands the key dimensions by which and variation among creative organisations are organized to create, manage and capture value.
(2) Understands the key challenges of creative organisations and demonstrates strategies for addressing them.
(3) Demonstrates original insights and recommendations for strategic action.
Transferable Skills:
(1) Able to analyse complex business situations and rapidly structure ideas and arguments.
(2) Able to research and filter business information quickly and effectively. |
| Keywords | Creative Markets,Creative Organisations,Creative Industries |
Contacts
| Course organiser | Dr Giovanni Formilan
Tel:
Email: |
Course secretary | Mr David Murphy
Tel:
Email: |
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