Exploitation of Sinking Market, Industry Clustering and Development of Cultural and Creative Industry

With the rapid development of emerging technologies, the conflict between the old solidification concept and the industrial thinking of technology addition makes the exploitation of the sinking market one of the structural difficulties in the development of cultural and creative industries. The gradual improvement of Internet infrastructure lays a realistic foundation for the exploitation of the sinking market. Under the trend that the cultural and creative industry is evolving towards aggregation, the research on the functional relationship between the exploitation of the sinking market, industry clustering and the development of the cultural and creative industry is of great significance. Based on the theoretical analysis of literature, the panel data of 31 provinces in China from 2004 to 2018 are selected for empirical analysis using the bidirectional fixed effect model. The research results show that the exploitation of sinking market has a significant positive impact on the development of cultural and creative industries. Further analysis shows that the agglomeration of cultural and creative industries will weaken the role of the sinking market in the development of cultural and creative industries.