Stakeholder engagement in creative economy companies: strategies to face the COVID-19 crisis

Abstract

Abstract The creative economy (CE) has great potential for socio-economic development. When strategically implemented, CE can play a prominent role in the agendas of emerging and developing countries. In addition, stakeholder engagement is an important tool to drive growth in the creative sector. Against this backdrop, this research examines the relevant points of the CE, its characteristics in the light of the stakeholder theory, and the new challenges brought by the COVID-19 crisis to understand how CE companies engage their stakeholders to face the crisis. This research has a qualitative and exploratory nature. Interviews were conducted with managers of CE companies who pointed out the importance of exchange of information between stakeholders and adaptation to constant demands as necessary practices to compete in an expanding sector. Collaboration-oriented engagement with stakeholders can lead to learning, innovation, and organizational change, important aspects of coping with the COVID-19 crisis.