Creative industries market in Colombia 

Colombia is the third most populated country in Latin America with 52 million inhabitants; 51% are women. One-third of the population is distributed in five cities that have more than one million people each; the capital Bogotá has the largest population with 8 million, followed by Medellín, Cali, Barranquilla, and Cartagena.

As cities grow and income rises, the interest in culture has also increased in response to a middle class that demands more options for travel and leisure. The report "Creative Economy Outlook 2022" published by the United Nations Conference on Trade and Development recognized Colombia's progress in the sector, being one of the ten countries in Latin America that has a public policy or institutions in charge of leading these policies.

Key opportunities for Canadian creative industries companies in Colombia:

• Colombia has become an attractive stage for music circulation in the region. This opportunity is especially attractive for musicians incorporating Latin, African, or Caribbean musical styles in their compositions and that could consider collaborations with local artists.
• On the audiovisual side, co-productions are popular among the industry to access Colombian financing mechanisms and local talent while bringing together international expertise and exposure.
• Regarding publishing, demand for audiobooks and eBooks is expected to grow in Colombia in the coming years.
• Local players are interested in diversifying their content in performing arts and there is an appetite for innovative performances that incorporate new media technologies. Co-productions are another area where business opportunities in the local market exist, particularly in dance.
• In the field of museums, there is interest in developing digital, interactive, and educational experiences for different audiences.
• In visual arts, prestigious art galleries continue to diversify their portfolios to attract larger audiences to their exhibitions, providing trade partners of Colombia opportunities to circulate their productions nationwide.

Notable challenges for Canadian creative industries companies in Colombia:

• Within music and performing arts, although there is an appetite for foreign content most local programmers have limited budgets to cover international travel.
• Time is another area of potential challenge for Canadian exporters. Most venues, festivals, and conferences do not plan their program with as much time in advance as their Canadian counterparts.
• Other challenges for Canadian companies interested in the market include exchange rate fluctuations, language barriers, and lack of knowledge of Canadian creative offerings.
• Local museums are also interested in featuring international collections in their halls but rely heavily on the support of private organizations or international cooperation to fund these cultural exchanges.

Colombian business landscape:

There are more than 87,000 companies in the Creative and Cultural Economy in Colombia, which corresponds to 5.8% of the active companies in Colombian territory.

Bogotá holds 92% of the country's creative services, 90% of audiovisual production companies, 73% of digital content audiovisual production companies, 73% of digital content companies, and 55% of video game and 55% of video game studios. There are 1,752 companies in Medellín related to the creative industry mapped in 2022 and the data indicates that the number of these units grew 22.6% in a five-year period. The Creative Economy in Valle del Cauca is made up of 13,313 companies, which contribute 12% of the country's exports.

Within the music segment, Colombia hosts more than 3,000 concerts a year. Canadian artists may find significant opportunities for circulating in festivals and events in cities such as Bogota and Medellin, widely open to consume international content.

The national and local governments offer various incentives for audiovisual projects fully or partially developed in the country, including cash rebates and tax credits for expenses when hiring local service providers.

Colombia is the third-largest Spanish-language publishing market in Latin America. There is a growing interest in content for young audiences and specialized literature and academic books for universities. The average of books read by person in 2020 was 3.9.

Summary

Colombia's economy has grown at an average of 3.8% over the last years, making it one of the fastest growing economies in Latin America and the third largest in the region. Colombian economic growth is expected to gradually increase to 2.0% in 2024 and 3.2% in 2025.

The Cultural and Creative Economy policy created a framework of incentives to promote the cultural and creative industries, allowing a sustained recovery from the effects of the pandemic, despite the challenges that still exist.

For instance, the Create Talent Corporation, which administers another tax incentive that involves a 165% deduction of the contribution made by a company that finances a cultural project and has become an indispensable tool to bring the business sector closer to the cultural sector, and to generate greater awareness in the business sector about the importance of investing in culture. The government is also working on cultural infrastructure for areas of the country that have historically lacked cultural infrastructure; for example, in the department of Chocó.

For the Government, promoting this economy is essential to preserve the cultural industries generated by the country's diversity. A strong creative and cultural economy will also reduce Colombia's dependence on volatile markets.

Upcoming sectoral events and activities

• Bogota International Book Fair: April 17 – May 2, 2024 / Bogotá
• Bogota Audiovisual Market: July, 2024 / Bogotá
• Circulart: November 4-11, 2023 / Medellín
• Bogota Music Market: September, 2024 / Bogotá
• Theatre Festival of Manizales: October, 2024 / Manizales
• Cartagena International Film Festival: April, 2024 / Cartagena
• Bienal de Danza de Cali: November 7-13, 2023 / Cali

For more information on Creative Industries in the Colombian market please contact bogotatd@international.gc.ca