The article is devoted to the economic and non-economic impact of the cultural industries on socio-economic growth. Attention is drawing to social development, the creation of new values, products, and national identity formation.Culture and economics are interdependent and complementary. Culture determines the way society develops, and then as society progresses, new values, new cultural meanings, and products are formed. In a post-industrial society, knowledge, creativity, and skills are added to the standard growth factors. The causality between culture and other variables, such as policy, institutions, and economic development, is two-way. The research has revealed the economic aspects of cultural products, their demand, and supply aspects. Cultural and creative industries have a specific nature, different from the general trends of industrial production. The main differences are in values concept, the marginal cost of making an additional product copy, and the equivalence of exchange. Another one is newness or difference of cultural product. This aspect significantly distinguishes the cultural sector from the traditional industry model. We tried to interpret the phenomena of cultural and creative industry dynamics following the world economy. Creative work is unstable and vulnerable to macroeconomic trends. The creative industries have been sensitive to the COVID-19 pandemic. The closure of cultural institutions (theaters, museums, cinemas) affected the entire value chain – creation, production, distribution, and consumption. The crisis has become a catalyst for the digitization of cultural products. In conclusion, the cultural sector requires government support, such as financial resources, export consulting, and the copyright and intellectual property protected in law.