Music, often overlooked as a mere utility, holds the potential to be a transformative force in driving economic and social progress. By recognizing the creative economy as a vital component of infrastructure, we can unlock a world of possibilities that can benefit communities across the globe.

Unleashing the Untapped Potential of Music and Culture

The world is undergoing a critical review of its approach to human and infrastructure development. As the World Bank Group's International Development Association (IDA) prepares for its replenishment, the challenges facing developing nations are immense. With the pandemic erasing historical gains in reducing extreme poverty and the looming debt crisis, the need for innovative solutions has never been more pressing.

Rethinking the Role of Music and the Creative Economy

One such solution lies in the creative and cultural industries, particularly the music sector. Despite its ubiquity and accessibility, music has rarely been treated as a development finance asset. This is because, in many countries, music is often viewed as a utility rather than an economic driver. However, the data tells a different story. The total value of music recordings grew by 10.2% in the past year, reaching $41.5 billion, and collections (the amount of money paid to songwriters and composers) increased by 7.6% in 2023 to 14 billion euros ($14 billion). Moreover, the fastest-growing listener bases are in emerging markets across Africa and Latin America, where the majority of the population is under 30 years old.

Addressing the Infrastructural Challenges

The challenge lies in the lack of infrastructure to support the music and creative industries in many developing countries. Foundational economic requirements, such as enforced copyright regulations, education, and access to physical infrastructure, are often lacking. This restricts the capacity for music and other art forms to function as a robust economic sector, limiting the potential for these industries to generate development returns.

Investing in Music and the Creative Economy as Infrastructure

If development finance facilities were designed to address these infrastructural challenges and support the creation of these foundations locally, music and the creative economy could become a powerful tool for sustainable development. By treating music and the creative economy as infrastructure, we can unlock a world of possibilities. The development of Kigali's BK Arena in Rwanda, for example, has established an anchor for African and international artists to visit the country, while also boosting the nation's basketball economy and its ability to host conferences and gatherings.

Diversifying Development Spending

As the IDA replenishment discussions continue, there is a growing recognition of the need to diversify what qualifies as development spending. Music, the creative industries, and cultural pursuits should be included in this expanded definition. By investing in these sectors, we can foster sustainable development that taps into the inherent creativity and cultural richness of communities around the world.

Harnessing the Power of Creativity

To address the pressing challenges facing developing nations, we must lean towards what we all share – our creativity. Music, art, and culture are not just luxuries; they are vital components of a thriving, sustainable economy. By developing systems to leverage the potential value of these industries, we can unlock new pathways to economic growth, job creation, and social well-being.The time for change is now. As the world grapples with complex development challenges, it is time to recognize the transformative power of music and the creative economy. By treating these sectors as infrastructure, we can pave the way for a more equitable, prosperous, and culturally vibrant future for all.