Financial management of creative clusters on the principles of public-private partnership

Borovikova Elena Vladimirovna ORCID: 0000-0001-6688-9998 Doctor of Economics Professor; Department of Crisis Management and Risk Management; Russian Presidential Academy of National Economy and Public Administration 119571, Russia, Moscow, Prospekt Vernadskogo, 84, office 2217 budget105@mail.ru Other publications by this author

Introduction

Currently, there are many publications in the research space on the emergence and functioning of creative industries, clusters, and most of them are focused on studying regional experience and the experience of individual cities, in particular, the works of K.I. Oleshkevich and S. S. Grakova ^[1], A. S. Fedorenko ^[2], A. K. Burmich ^[3], M. V. Ostrikova ^[4], a team of authors consisting of A. A. Dorina, I. G. Limonina and others ^[5]. This confirms the strong territorial and spatial component of this issue. However, in most cases, the issues of building financial relations are described only in terms of the types of possible government support. At the same time, the financial potential of creative clusters is much broader, and the financial relations of their subjects are much more diverse. Let's look at the financial management of these "creative centers" and justify the possibilities of introducing the legally established principles of public-private partnership into the functioning of creative zones.

The subject of research in this case is the methods and tools of financial management of creative clusters in the context of public-private partnership.

The research methodology is represented by general scientific methods of induction and deduction, analysis and synthesis, abstraction and analogy, as well as special methods of comparative and systematic analysis, legal analysis, structural and logical analysis, and individual techniques of regionalism (primarily the method of zoning). The purpose of the study is to study the specifics of financial relations between creative clusters and, based on this, to develop proposals for their improvement through public-private partnerships.

The research objectives can be represented by a list:

- formulate an approach to defining the finances of a creative cluster, taking into account the federal law that has entered into force and the stable theoretical concepts of financial science; systematically present the financial sources of support for the activities of the creative cluster;

- to identify the main trends in the international practice of creative industries and clusters, ways of government support and participation in their activities;

- to analyze the functioning clusters in the constituent entities of the Russian Federation in order to identify ways to attract sources of financing and property to ensure the material base of their activities;

- to substantiate the expediency of concluding a public-private partnership agreement, a concession agreement and the principles of zoning creative clusters;

- to develop proposals for the transformation of regulations providing for the use of public-private partnerships and related methods of financial management in the field of creative industries.

The scientific novelty of the study is to substantiate the application of public-private partnership agreements by subjects of the creative industries and the organization of relations on this basis to attract sources of financing and property of the creative cluster.

The creative industries received legislative approval with the entry into force in February 2025 of Federal Law No. 330-FZ dated 08.08.2024. The law introduced a number of concepts of creative activity into legal circulation, defined the terms of reference of regional authorities to support this area. Nevertheless, certain aspects, in our opinion, remain unresolved. Some representatives of the legal profession also agree with this thesis [Source: Ali M. Regulation of Creative Industries, which comes into force in February. 05.02.2025. Access mode: URL: https://comply.ru/tpost/aon53zh3f1-regulirovanie-kreativnih-industrii . Date of access: 07/11/2025].

The development of creative industries has become one of the new and very pressing issues on the agenda of the St. Petersburg International Forum in June 2025 [Sources: At the SPIEF, one of the key topics was the discussion of creative industries. 20.06.2025. Access mode: URL: https://runews24.ru/society/20/06/2025/na-pmef-odnoj-iz-klyuchevyix-tem-stalo-obsuzhdenie-kreativnyix-industrij Creative industries are one of the key topics on the SPIEF 2025 agenda. 06/26/2025. Access mode: URL: https://creative.hse.ru/news/5480 . Date of access: 30.06.2025]. The directions of profitable investments were discussed; prospects for achieving economic growth due to the contribution of new industries with a high percentage of intellectual results of individuals, creative collectives, groups; preservation of national identity by attracting attention to handicrafts and their exports.

Theoretical and methodological foundations of management

finances of the creative cluster

It is noteworthy that the field of creative activity is in the center of attention of various sciences: economics, economic theory and management ^[6],[7], philosophy, futurology, cultural studies and sociology ^[8]. The development of creative industries is considered as one of the main trends not only of the present, but also of the future. In their research, the team of authors, consisting of S. B. Pereslegin, E. B. Pereslegina, N. Yu. Yutanova, and others, substantiating the forecast in the field of science and culture, identify the creative component in the activities of scientists along with critical, service, and implementation components ^{[9, p. 621]}. They also talk about the further formation of "large clusters" that organize production and business ^{[9, p. 620]}. In this regard, it can be expected that creative clusters will be a long-term phenomenon in the economy, arousing interest and having a complex effect on economic relations, cultural background and public consciousness.

Since creative clusters are considered as a new phenomenon, well-established approaches to the content of their finances and their management have not yet developed. Let us formulate definitions based on the classical approaches of financial science to the main categories in the financial system of the country, developed in the methodological and scientific works of A.G. Gryaznova, E.V. Markina, M.V. Romanovsky, O.V. Vrublevskaya, A.E. Dvoretskaya. The finances of a creative cluster are economic relations that arise between its active participants, including subjects of the creative industries, as well as between its participants and the external environment, and are related to the organization of cash flows in order to develop the activities of the creative industries. Financial management of a creative cluster is the activity of selecting sources of financing for the economic activity of subjects of creative industries, their use and distribution of income received from this activity.

The sources of financial resources of a creative cluster can be divided into several groups:

- own funds;

- borrowed funds. Debt financing mechanisms include not only loans and borrowings, but also the issuance of debt securities – bonds.;

- attracted funds (investments);

- means of state support;

- sponsorship financing.

State financial support is represented by various forms of co-financing the creative activities of creative entities: budget subsidies and cost compensation for the main types of creative activities, grants, funds from targeted state funds (for example, the Presidential Fund for Cultural Initiatives), funds from investment agencies in the creative industries (for example, the Tyumen Agency for the Development of Creative Industries), the provision of publicabout property for rent at preferential rates ^{[10, pp. 10-11]}.

The subjects of financial relations, on which the decision-making on financial management of the creative cluster depends, are thus:

- authorized government agencies;

- individuals and legal entities initiating creative activities (subjects of the creative cluster);

- credit institutions and interested investors, including foreign investors, sponsors, potentially able to co-finance the cluster's activities.

Turning to substantiating our hypothesis about the expediency of concluding long-term agreements with the government by representatives of the creative industries, we emphasize that a partner project may involve several sources of financing or, as it is implemented, the connection of additional sources. A fairly extensive list of them is presented in the works of V. G. Varnavsky based on the study, including foreign experience ^[11]. In addition to a credit institution, investment funds, venture funds, and investment agencies can provide funds. These are all financiers considered by Federal Law No. 224-FZ of July 13, 2015 as project participants. To perform technical and construction functions, it is possible to involve contractors and project operators, which will facilitate a number of tasks for subjects of the creative industries and will allow them to focus on core activities, generate creative ideas and transform them into real products.

International trends in the development of creative industries

Statistics show that global exports of creative products and services have been gradually increasing since 2010 and by 2022 reached the following indicators: exports of goods - 713 billion US dollars, exports of services - 1378 billion US dollars ^{[12, p. 22]}. It was only in 2020 (the beginning of the pandemic) that the export figures for creative industries decreased, but remained above the level of 2010. The share of exports of creative products remained virtually unchanged during this period - 2.9% of total exports, while the share of exports of services increased significantly: from 12% in 2010 to 19.3% in 2022 ^{[12, p. 23]}.

Table 1

Export of creative products and services of macroregions ^{[12, pp. 26, 32]}

From the table. 1 It can be seen that the Asian region is the leader in the export of goods, while the European region is the leader in the export of services. Europe is the leader in the total export of creative industries' results. If we consider individual countries, the largest exporters of creative industries services are the USA, Ireland, Great Britain, Germany, and China. The leaders in the export of goods are somewhat different: China, the USA, Italy, France, Hong Kong ^{[12, pp. 28, 34]}. In addition to China, Singapore, Taiwan (a province of China), the Philippines, Turkey, India, and the United Arab Emirates make a significant contribution to the export of creative products and services among Asian and Middle Eastern countries.

Considering the experience of the leading countries, it is necessary to note their inherent specifics. For example, China is characterized by the formation of creative industrial parks. S. A. Titov, A.O. Kokorina and others write about them in their research in a similar way. The core of such parks are the information and telecommunication sectors, that is, not so much creativity as technology. The authors identify three types of clusters: 1) as free as possible; 2) managed by non-profit, including state institutions; 3) created by local authorities ^{[13, pp.137-139]}. The latter type of cluster is associated with the greatest government involvement.

A team of authors consisting of N.N. Masyuk, M.A. Bushueva, and Zheng Fuxue note the involvement of Chinese provinces in the development of innovation clusters, which also occurs in unison with the global trend ^[14]. The presence of such entities in the economy is already assessed at the level of an indicator of the innovativeness of countries.

I.V. Loguntsova notes the following types of state support for creative clusters in Chinese practice: subsidies, tax incentives, and the organization of educational programs ^{[15, p. 27]}.

Most of the researchers, including Baykova E., emphasize the importance of the policy of "soft power" and decentralization in relation to creative industries, which promotes greater freedom, diversity and competition in the creative sector of the economy. Baykova E. finds common features in a number of countries and on this basis identifies four models of creative activity: European, American, Asian and separately Scandinavian ^{[16, p. 15]}. European practice is based on the implementation of a unified cultural policy, the creation of agencies to support creative clusters, and grant assistance. In the USA, the support policy is implemented by regional and local authorities. The model of Asian countries, primarily China, can be called mixed, since along with free creative zones there are clusters whose activities are planned by the state.

The UK Government is actively involved in the activities of the creative industries, while attracting budgetary funds ^[17]. The author (in this case, A.A. Syso) believes that the creative industries in Russia have not yet been sufficiently evaluated, and creative and innovative zones are extremely unevenly distributed throughout the country.

Turning to international research conducted by the Organization for Economic Cooperation and Development (OECD) and the United Nations Conference on Trade and Development (UNCTAD), we draw attention to the most important aspects of the spread of creative industries, the prospects for their regulation, and the creation of partnerships between business and government. Despite the previously mentioned positive dynamics in the fields of creative activity, in many countries there is a shortage of its financing, the lack of platform solutions for organizing activities and the norms of its regulation. The OECD regularly monitors not only the creative clusters of the countries leading economic growth, but also the so-called "external regions". These include Guadeloupe, the Azores and Madeira (Portugal), the Canary Islands (Spain), Martinique, Reunion, Mayotte (all three are France), San Martin (France, Holland) ^[18]. The OECD experts emphasized that for the countries of Europe and the listed regions, the issues of creative industries are important from the standpoint of employment and improving consumption patterns. The analysis of a noticeable surge in entrepreneurial activity and creativity in developing countries, for example, in Colombia ^[19]. Tourism is currently considered one of the industries closest to the creative sector ^[20]. Together, they provide a good synergetic effect for society and the economy.

Interstate comparisons and research allow OECD experts to formulate recommendations on the selection of ways of financing and government participation in the activities of creative clusters. They identify crowdfunding as a way of potential investment, and networking as a way of conducting dialogue and coordinating interests, focusing on the application of a project approach to organizing activities in the creative sector. An important recommendation is that the subjects of creative industries need state support at the early stages of its foundation and the creation of new products ^{[21, pp. 250-251]}. At this point, the concept of public-private partnership would be most useful to them.

The UNCTAD review cites the experience of South Korea, Thailand and the Philippines as examples of cooperation between the state and creative actors, which have created conditions for financial support from banks and special agencies. UNCTAD sees the prospects for stimulating creative industries in world practice in the mechanism of "regulatory sandboxes" for developing new business and creative ideas, investing in activities with international development potential, and transferring experience in antimonopoly regulation of creative product markets ^{[12, pp. 89-90]}.

Thus, further in the study, we will present regional practices of creative zones in Russia and develop proposals for the introduction of not just government-private relations with creative units regarding financing, but regulatory and proven contractual models of such relations.

Analysis of the experience of organizing creative clusters

and their financing in the constituent entities of the Russian Federation

Table 2 shows the creative clusters of different subjects of the Russian Federation, shows the features of using property and attracting financing for the organization of their activities. In most cases, the space is rented and used temporarily for coworking purposes. Thus, creative subjects often do not have a permanent territorial basis.

Table 2

Creative clusters of the subjects of the Russian Federation

Note. The table is based on data from sources for which we will apply independent numbering in the text of the article (see below)

The study shows that the sources of financing are diverse, but the most common ones can be identified: funds from interested investors, sponsors, government funding in the form of grants and subsidies, support in the system of activities of regional or federal programs in the field of culture, industrial development. Special funds, agencies, accelerators, and support centers for creative clusters have been established in a number of regions. We emphasize that grants and subsidies can be classified as one-time types of financing. At the same time, they are gratuitous for the state.

Relations within creative clusters, therefore, currently do not fit into the framework of public-private partnerships either at the legislative level or at the level of private agreements, which we consider to be a significant omission for a number of reasons.:

- the nature of relations between the state and subjects of creative industries is very close to the system of relations in public-private partnership projects, however, it is not formally fixed by contracts;

- the accumulated experience of partnerships in the socio-cultural sphere is significant, which can be used to develop creative clusters and integrate them into existing partner projects.;

- the concluded agreement strengthens the guarantees of the parties, creates clearer deadlines, and the responsibility of the parties in developing creative products.

The principles of public-private partnership in managing the finances of a creative cluster, listed in Article 6 of Federal Law No. 224-FZ dated July 13, 2015, can be supplemented by the following positions:

- the legal basis of relations with the State;

- guarantees of fulfillment of financial obligations assumed;

- risk insurance (on a mandatory and voluntary basis);

- reservation of temporarily available funds;

- variability of financial strategies for project management;

- electronic format of interaction.

Let's comment on the advantages of legally securing government participation in creative projects within clusters (Table 3).

Table 3

Advantages of organizing the activities of creative industries on the basis of a public-private partnership agreement

Developed by the author

Development of proposals for the application of public-private partnership principles

partnerships between subjects of creative clusters

Against the background of the established experience of creative industries, legislation and an emerging initiative, options for implementing activities in creative clusters are possible.:

- in accordance with the provisions of Federal Law No. 330-FZ dated 08.08.2024, when the state provides only support measures in accordance with Chapter 4;

- in the context of synchronization of the norms of laws on the development of creative industries, public-private partnerships, and concession agreements. In this case, it becomes possible to strengthen relations with the state through a partnership agreement, management and financial instruments applicable within the framework of project management.;

- in the situation of improving the norms of Federal Law No. 116-FZ dated 22.07.2005 related to the creation of special economic zones. It is necessary to streamline the concepts of clusters formed as a result of links between special zones and their residents, and creative clusters regulated by separate legislation.

If we talk about the second option, the following additions to the legislation are necessary. Paragraph 1 of Article 5 of Federal Law No. 224-FZ dated July 13, 2015, should be supplemented with a paragraph:

"A party to a public-private partnership agreement or a municipal-private partnership agreement may be recognized as a creative industries entity (organization) included in the register of creative industries entities by a constituent entity of the Russian Federation."

To introduce new objects in Article 7, in particular, to add paragraph 25 to paragraph 1: "real estate objects and the necessary infrastructure used for the implementation of activities by subjects of creative industries to create creative products, related services and work performed."

Add "products of creative industries, including the results of intellectual activity, goods, works, and services created by subjects of creative industries" to subclause 26, clause 1.

The consolidation of new objects of the public-private partnership agreement (infrastructure and products of creative industries) will mark the beginning of the development of the principles of cooperation between the state and creative business on a mutually beneficial basis.

The conclusion of an agreement with the state based on the concession model also has a number of advantages for the subjects of the creative industry.:

- an individual entrepreneur can act as a concessionaire, whereas, in accordance with clause 5 of Article 3 of Federal Law No. 224-FZ dated July 13, 2015, a private partner is only a legal entity.;

- use of property and infrastructure facilities since the conclusion of the agreement;

- attracting external financing;

- conducting activities in the creative industry from the moment of signing the agreement;

- registration of a joint right to income from activities in the creative industries (based on the model of production sharing agreements).

The specifics related to the rights and obligations of the concessionaire and the concedent, the conduct of the tender and other issues can be reflected directly in the text of the agreement.

The third option will become more feasible if the current legislative norms are clarified in terms of the territorial organization of creative entities' activities. To this end, add the following paragraph to Article 2.1 of Federal Law No. 116-FZ of 07/22/2005::

"A resident of a tourist and recreational special economic zone is an individual entrepreneur or commercial organization included in the register of creative industries entities operating within the boundaries of this special economic zone and having concluded an agreement with the governing bodies of the special economic zones to carry out activities in accordance with the procedure and on the terms provided for by this Federal Law."

Let us also pay attention to the position of the authors, experts of the Agency for Strategic Initiatives ^{[22, p. 50, 72-73]}. They believe that investing is the most realistic and effective way to finance the creative industry. However, it is extremely difficult to find interested parties. This opinion only confirms that the conclusion of agreements, which focus on the activities of the creative cluster, will significantly support the guarantees of the stakeholders.

It is advisable to reflect the system of financial and legal relations of the participants of the creative cluster, operating under a public-private partnership agreement (Fig. 1) and a concession agreement (Fig. 2).

Figure 1. Financial and property terms of a public-private partnership agreement involving a creative industry entity (private partner)

Developed by the author on the basis of legislation and studied sources

The model of public-private partnership in accordance with Federal Law No. 224-FZ dated July 13, 2015 also assumes the possibility of attracting a financier, a contractor, who will undertake the work on bringing real estate to the required operational condition. The public partner, like the assignor in the previous scheme, will co-finance the projects of the creative cluster and receive part of the income, which will be possible before the operational stage (depending on the type of creative product or idea).

Figure 2. Financial and property terms of a concession agreement involving a creative industry entity (concessionaire)

Developed by the author on the basis of legislation and studied sources

The subject of the creative industry may not have enough funds to finance the modernization of the property necessary for conducting business. Financial needs may also be related to the launch of a creative product or service. Then, by concluding a concession agreement, he will have to attract additional financing with the help of a lender (for example, a credit institution), or issue bonds. This will be debt financing of activities. Attracting an interested investor is another option for securing financing, but in this case, the person will most likely expect to participate in income or management activities. The payback will be associated with the receipt of fees for the purchased creative products, ideas, and services.

Conclusion

In conclusion, we note that in cases of agreements with the state, subjects of creative industries and other partners should be free to choose how to build a model of public-private partnership. We emphasize that not only the impact of partnership models on the creative industries will be positive, but also the reverse impact, which may contribute to the expansion of the practice of public-private agreements and a more complete use of the legislation that guarantees the rights of the participating parties.

In this case, the economic effectiveness of the principles of public-private partnership is combined with social efficiency. From the point of view of social phenomena, a creative cluster should be considered as an alternative to communities in remote online networks, since it involves live communication, achieving financial results on a targeted basis, and potentially possible government involvement (as a regulator or a party to a public-private partnership agreement).

Sources for Table 2:

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^[4] Creative space "Trust". [electronic resource]. Access mode: URL: https://novgorodwork.ru/unusual?ysclid=md1qk6ul1f243857061. Date of request: 07/10/2025

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^[14] The first cluster of creative industries of the North Caucasus was created in Stavropol. 16.05.2025. [electronic resource]. Access mode: URL: https://tass.ru/obschestvo/23967265 . Date of request: 07/10/2025

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