The Heritage ROI: unlocking South Africa’s creative economy for growth

SOUTH Africans celebrate Heritage Day as a moment of pride in our languages, rituals, music, cuisine, and sacred sites. But there is a tougher economic truth we cannot ignore: our arts, heritage, and creative industries remain underperforming assets.

- DR NIK EBERL

DR Nik Eberl is the Founder & Executive Chair: The Future of Jobs Summit" (Official T20 Side Event).

Globally, culture is big business. The creative economy already generates $2.25 trillion (about R38 trillion) annually and accounts for nearly 30 million jobs worldwide, according to Unesco. Yet South Africa’s creative industries contribute just under 3% of GDP - far behind their potential. The question for policymakers, investors, and business leaders this Heritage Day is simple: how do we unlock the value of our cultural wealth and convert it into revenue, jobs, and competitive brand power?

Lessons from Global Case Studies

@ South Korea's K-wave (Hallyu): In the early 2000s, South Korea deliberately invested in its cultural exports — film, TV, K-pop, fashion - asa pillar of economic policy. By 2019, the K-wave was generating $12 billion in export revenue annually and boosting sectors from tourism to cosmetics. The boy band BTS alone added an estimated $5 billion per year to Korea's economy.

I Nigeria Nollywood: Now the second-largest film industry in the world by volume, Nollywood contributes about $7.2bn annually to Nigeria’s GDP and directly employs over a million people. This happened because government created tax incentives, private investors funded production, and diaspora networks amplified distribution.

H United Kingdom's heritage sector: Britain's historic environment directly contributes £36 billion annually to its economy and supports over 500 000 jobs. Heritage is not seen as nostalgia—it is positioned as an investable industry with measurable ROI.

These examples show that when culture is treated as an economic growth sector, not just an identity marker, it delivers exponential returns.