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DRPS : Course Catalogue : Edinburgh Futures Institute : Edinburgh Futures Institute

Postgraduate Course: Creative Markets (EFIE11016)

Course Outline
SchoolEdinburgh Futures Institute CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 11 (Postgraduate) AvailabilityAvailable to all students
SCQF Credits10 ECTS Credits5
SummaryCreative industries generate cultural, social and economic value to society. To create this value, creative organisations face two key challenges: how to manage data and achieve financial sustainability. Leaders rely on data to generate new opportunities, shift strategies, such as during the pandemic, and to track effectiveness of their strategies and programs. They visualise data to persuade others. The course uses cases and interrogates the financials of creative organisations to gain deeper knowledge of the strategic challenges and how leaders manage the challenges, such as disruptive environmental events, that face creative and cultural organisation.
Course description We will utilize sociological, economic and strategy frameworks to understand creative industries, how culture is produced, the business models for creating cultural, social and economic value. We examine the strategies by which cultural organisations achieve their goals and enact cooperation as well as competition.

The class will examine: (1) Creating Cultural and Economic Value: Cultural Production, (2) Organising value under uncertainty: Economic and Strategic Frameworks, (3) Defining and Capturing Value: Intellectual Property Rights and Business Models. Students will learn these frameworks by applying them to organisations during the course lectures. Each student will analyse the financials of a key organisation for which we will be doing the client consulting course in semester 2 and apply the course materials and frameworks to this organisation. The analysis will include infographics and narratives that analyse the organisation. It will be in the form of a slide deck that the student would present to key stakeholders. This analysis will prepare the students to engage with creative and cultural organisation stakeholders.

The course will include 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.

As part of your course, you will need access to a personal computing device. Unless otherwise stated activities will be web browser based and as a minimum we recommend a device with a physical keyboard and screen that can access the internet.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Co-requisites
Prohibited Combinations Other requirements None
Information for Visiting Students
High Demand Course? Yes
Course Delivery Information
Academic year 2023/24, Not available to visiting students (SS1) Quota:  None
Course Start Semester 1
Course Start Date 18/09/2023
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 )
Assessment (Further Info) Written Exam 0 %, Coursework 100 %, Practical Exam 0 %
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 the client'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 PowerPoint 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:
  1. Demonstrate and integrate knowledge of the key strategy concepts and theoretical frameworks such as competitor analysis and business models for analysing creative industries.
  2. Apply these concepts and frameworks to new situations to generate original insights and reflect on appropriate strategies and practices.
  3. Deal with complex issues and make informed judgements in case analyses, realising that there is an absence of complete or consistent data/information.
  4. Undertake critical evaluations of financial data, market data and organisational data, and being able to represent key trends and patterns.
  5. Demonstrate leadership and/or originality in tackling and resolving organisational problems and issues outlined in cases.
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


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 Creative Commons see

Case#2: Restoring the British Museum. IMD 3-2230 20.02.2013


DCMS Economic Framework for Valuing Culture and Heritage:

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


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
¿ Spotify: Face the Music (Update 2019)


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

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.


McKeon, S. 2018. What is a blockchain token? PBSNewshour, 5 Aug.

Barber, G. 2019. What's blockchain actually good for anyway? For now, not much. Wired, 28 October.
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.
KeywordsCreative Markets,Creative Organisations,Creative Industries
Course organiserDr Giovanni Formilan
Course secretaryMr David Murphy
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