Integrating economic principles into film and theatre studies: A panacea for self-reliance in the creative industries

The intersection of economics and the creative arts offers a very important means of achieving self-reliance and sustainability in the Film and Theatre Industries. This paper investigates the means whereby the application of economic knowledge, such as budgeting, cost-benefit analysis, market demands, entrepreneurship, and Investment strategies, can reshape the artistic profession into becoming a viable and self-sustaining industry. While Film and Theatre are often perceived primarily as cultural or aesthetic endeavours, their survival and growth are inseparably tied to economic realities such as funding structures, audience behaviour, distribution channels, and competition within global creative markets. This study argues that integrating economic concepts into the curriculum of Film and Theatre studies can give practitioners the necessary skills for handling financial constraints, reducing continued reliance on external sources of funding, and taking advantage of novel opportunities in digital distribution and co-productions with international communities. Furthermore, it highlights how economic literacy fosters innovation, resource optimization, and strategic planning, which enables artists to balance creative integrity with financial viability. By analyzing examples of case studies from Nollywood and the Global Theatre Industries, the study underscores the potential of an economics-informed creative practice to promote job creation, cultural exports, and long-term resilience in the face of market fluctuations. The paper submits that integrating economic principles into creative arts studies serves not as external imposition but as an indispensable aspect of the training in the field of Film and Theatre studies. It repositions Film and Theatre as catalysts of both cultural expression and economic self-reliance.