How do economies change? The entire history of economic progress can be seen as a parallel in the four-stage evolution of the birthday cake. In the agrarian economy, mothers made birthday cakes from scratch, mixing farm commodities (flour, sugar, butter, and eggs) that together cost mere dimes. As the goods-based industrial economy advanced, moms paid a dollar or two to Betty Crocker for pre-mixed ingredients. Later, when the service economy took hold, busy parents ordered cakes from the bakery or grocery store, which, at $10 or $15, cost ten times as much as the packaged ingredients. By the end of the 20th Century, parents neither made the birthday cake nor even threw the party. Instead, they spent much more to “outsource” a business that stages a memorable event for the kids—and often threw in the cake for free. This was the birth of the modern-day experience economy.
Economists have typically lumped experiences in with services, but experiences are a distinct economic offering, as distinct from services as services are from goods. Today, this fourth economic offering is driving the new economy because consumers unquestionably desire experiences, and more and more businesses are responding by explicitly designing and promoting them.
This is where the role of the artist comes in. As the marketplace has become more and more enamored with the emotional power of immersive and multi-sensory experiences, there is increased economic potential for artists who work in the world of technology. Additionally, as stated in the New York Times a year ago, “The Experience Economy brings a whole host of new creators to the world of art commissions.”
The CODAworx membership boasts a number of organizations that do an outstanding job of merging art and experience to attract and inspire people in a community. CODAworx is partnering with several of these organizations to create Case Studies that will provide information and advice on how to create a successful program. The first of these Case Studies will be presented during CODAsummit on October 1 and 2.
Join us at CODAsummit Virtual for an in-depth discussion of the role of public art in the experience economy and much more!
Register for CODAsummit Here
