Keywords
competitiveness
innovations
innovation activity
transnational corporations
creative industries
How to Cite
Abstract
The study investigates the role of goodwill as an integral indicator of innovation activity and a key driver of competitive advantages among leading global companies operating within the creative sector of the economy. Based on a comprehensive empirical and analytical assessment of actual and forecasted financial data covering the period from 2020 to 2026, the research identifies and characterizes significant heterogeneity in corporate strategic development models. Specifically, the paper categorizes industry players into three distinct trajectories: the purely organic model exemplified by Netflix and Adobe, characterized by minimal or zero goodwill and a heavy reliance on internal research, development, and intellectual capital scaling to generate sustainable growth without exposure to speculative M&A risks; the external consolidation and hybrid leadership model represented by Disney, Sony, Google, and Meta, which successfully combines internal developments with targeted, strategic mergers and acquisitions to reinforce technological ecosystems and maintain market dominance; and the crisis model of excessive consolidation and value destruction observed in Warner Bros. Discovery, where aggressive external expansion and disproportionate goodwill spikes contrast sharply with declining competitiveness coefficients, signaling severe operational integration challenges and asset impairment risks. The findings demonstrate that high goodwill effectively stimulates long-term competitiveness growth only under strict conditions of qualitative operational and market integration. Furthermore, the research outlines prospects for future scientific exploration, focusing on the impact of specific intangible assets, such as patents, proprietary licenses, and artificial intelligence technologies, on the market capitalization and structural resilience of creative industry entities amidst modern global economic challenges. Thus, the forecasted competitiveness coefficients for 2026 reveal extreme polarization, ranging from a maximum value of 49,76 for Disney to a deep negative value of -30,34 for Warner Bros. Discovery. These quantitative outcomes empirically validate the constructed theoretical framework and confirm the critical importance of strategic alignment between intangible asset management and market performance.
References
Anantrasirichai, N., & Bull, D. (2021). Artificial intelligence in the creative industries: A review. Artificial Intelligence Review, no. 55, pp. 589–656. DOI: https://doi.org/10.1007/s10462-021-10039-7
Dankevych, A. Ye., Hanzhurenko, I. V., & Dankevych, V. Ye. (2025). Kreatyvna neoekonomika ta etyka shtuchnoho intelektu v umovakh zmin: tsyfrovi, innovatsiino-investytsiini ta sotsialno-etychni aspekty biznesu [Creative neoeconomy and ethics of artificial intelligence in conditions of change: digital, innovation-investment and socio-ethical aspects of business]. Ekonomichnyi prostir, no (201), pp. 42–50. (in Ukrainian)
Feuerriegel, S., Hartmann, J., Janiesch, C., & Zschech, P. (2024). Generative AI. Business & Information Systems Engineering, no 66(1), pp. 111–126. DOI: https://doi.org/10.1007/s12599-023-00834-7
Flehantova, A. (2023). Innovations and its impact on the competitiveness of TNCs on the creative industries market (on the example of the «Walt Disney Company»). Pidpryiemstvo i torhivlia, no. (37), pp. 93–98. Available at: http://dspace.puet.edu.ua/handle/123456789/13198 (in Ukrainian)
Flehantova, A. L. (2025). Marketing analysis of «The Walt Disney Company» activities in the creative industries market. In Education and science in the context of global changes: Scientific Multidisciplinary Monograph (pp. 269–281). (in Ukrainian)
Flehantova, A. L., & Perebyinis, V. I. (2025, December 18–19). Goodwill as an indicator of innovation strategy and a factor of competitiveness of creative sector companies. In M. Ye. Rohoza & H. V. Karnaukhova (Eds.), Economics today: Problems of modeling and management: Proceedings of the Conference (pp. 84–88). PUET. (in Ukrainian)
Fyliuk, H., & Kolosha, V. (2025). Kreatyvna ekonomika: sutnist, evoliutsiia, vplyv na sotsialno-ekonomichnyi rozvytok [Creative economy: essence, evolution, impact on socio-economic development]. Naukovyi visnyk Chernivtskoho natsionalnoho universytetu imeni Yuriia Fedkovycha. Seriia Ekonomika, no. (1), pp 63–69. DOI: https://doi.org/10.32782/ecovis/2025-1-10 (in Ukrainian)
Hemraj, S. (2025). AI and the future of creative development: Redefining digital media production. AI and Ethics, no. 5(5), pp. 5105–5119. DOI: https://doi.org/10.1007/s43681-025-00765-x
Husieva, N., & Niemets, O. (2025). Kreatyvni industrii ta kreatyvna ekonomika: teoretychni ta praktychni aspekty vzaiemozviazkiv [Creative industries and creative economy: theoretical and practical aspects of interrelationships]. Naukovi zapysky Ternopilskoho natsionalnoho pedahohichnoho universytetu imeni Volodymyra Hnatiuka. Seriia: Heohrafiia, no. 59(2), pp. 44–53. DOI: https://doi.org/10.25128/2519-4577.25.2.5 (in Ukrainian)
Lipych, L. H., Khilukha, O. A., & Kushnir, M. A. (2025). Orhanizatsiina kultura yak chynnyk rozvytku pidpryiemstv kreatyvnoho sektoru [Organizational culture as a factor in the development of creative sector enterprises]. Ekonomichni dosiahnennia: perspektyvy ta innovatsii, no. (20). DOI: https://doi.org/10.5281/zenodo.16693530 (in Ukrainian)
Okeyo, M., & Mutua, J. (2024). Artificial intelligence and performance of the digital media industry. Strategic Journals. Available at: https://strategicjournals.com/index.php/journal/article/view/2909
Ramskyi, A., & Simavin, P. (2025). Rol intelektualnoho kapitalu v zabezpechenni konkurentospromozhnosti pidpryiemstva [The role of intellectual capital in ensuring the competitiveness of the enterprise]. Yevropeiskyi naukovyi zhurnal ekonomichnykh ta finansovykh innovatsii, no. 16(2), pp. 247–255. DOI: https://doi.org/10.32750/2025-0223 (in Ukrainian)
Reznikova, N., Vovk, V., & Ptashchenko, L. (2025). Konkurentsiia v tsyfrovu epokhu: stratehichni determinanty konkurentospromozhnosti [Competition in the digital age: strategic determinants of competitiveness]. Yevropeiskyi naukovyi zhurnal ekonomichnykh ta finansovykh innovatsii, no. 16(2), pp. 421–429. DOI: https://doi.org/10.32750/2025-0239 (in Ukrainian)
Shevchuk, Ya. Ya., & Shevchuk, I. Ya. (2025). Features of enterprise management in creative industries. Research and Innovation, no. 5(2), pp. 19–25.
Singh, A., Saxena, R., & Saxena, S. (2024). The human touch in the age of artificial intelligence: A literature review on the interplay of emotional intelligence and AI. Cognition, Technology & Work. DOI: https://doi.org/10.56557/ajocr/2024/v9i48860
Solomennyi, O. (2025). Poniattia ta klasyfikatsiia intelektualno-innovatsiinykh tekhnolohii [Concept and classification of intellectual and innovative technologies]. Stalyi rozvytok ekonomiky, no. 53(2), pp. 50–55. DOI: https://doi.org/10.32782/2308-1988/2025-53-7 (in Ukrainian)
Svyshchuk, I. (2025). Suchasni tendentsii rozvytku kreatyvnykh industrii v Ukraini [Modern trends in the development of creative industries in Ukraine]. Stalyi rozvytok ekonomiky, no. 52(1), pp. 150–157. DOI: https://doi.org/10.32782/2308-1988/2025-52-21 (in Ukrainian)
Vasylchenko, M. I., & Kravchenko, O. M. (2025). Evoliutsiia naukovykh pidkhodiv do vyznachennia sutnosti innovatsii ta innovatsiinoho rozvytku pidpryiemstv [Evolution of scientific approaches to defining the essence of innovation and innovative development of enterprises]. Naukovi perspektyvy, no. 57(3), pp. 694–710. DOI: https://doi.org/10.52058/2708-7530-2025-3(57)-694-710 (in Ukrainian)
Vasylenko, O. (2025). Dyzain yak skladova kreatyvnoi industrii: analiz tendentsii rozvytku hlobalnoho ta ukrainskoho rynkiv [Design as a component of the creative industry: analysis of trends in the development of the global and Ukrainian markets]. Stalyi rozvytok ekonomiky, no. 54(3), pp. 258–264. DOI: https://doi.org/10.32782/2308-1988/2025-54-40 (in Ukrainian)
Adobe Inc. (2025). Financial information. Available at: https://www.adobe.com/investor-relations/financials.html
Alphabet Inc. (2025). Investor relations. https://abc.xyz/investor/
Meta Platforms, Inc. (2025). Financials. Available at: https://investor.fb.com/financials/
Netflix, Inc. (2025). Financials. Available at: https://ir.netflix.com/financials/
Sony Group Corporation. (2025). Consolidated financial results. Available at: https://www.sony.com/en/SonyInfo/IR/library/
The Walt Disney Company. (2025). Investor relations. Available at: https://www.thewaltdisneycompany.com/investor-relations/
Warner Bros. Discovery, Inc. (2025). SEC filings. Available at: https://ir.wbd.com/financials/sec-filings/default.aspx
Anantrasirichai N., Bull D. Artificial intelligence in the creative industries: A review. Artificial Intelligence Review. 2021. Vol. 55. P. 589–656. DOI: https://doi.org/10.1007/s10462-021-10039-7
Данкевич А. Є., Ганжуренко І. В., Данкевич В. Є. Креативна неоекономіка та етика штучного інтелекту в умовах змін: цифрові, інноваційно-інвестиційні та соціально-етичні аспекти бізнесу. Економічний простір. 2025. Вип. 201. С. 42–50.
Feuerriegel S., Hartmann J., Janiesch C., Zschech P. Generative AI. Business & Information Systems Engineering. 2024. Vol. 66, no. 1. P. 111–126. DOI: https://doi.org/10.1007/s12599-023-00834-7
Flehantova A. Innovations and its impact on the competitiveness of TNCs on the creative industries market (on the example of the «Walt Disney Company»). Підприємництво і торгівля. 2023. Вип. 37. С. 93–98. http://dspace.puet.edu.ua/handle/123456789/13198
Flehantova A. L. Marketing analysis of «The Walt Disney Company» activities in the creative industries market. Education and science in the context of global changes: Scientific Multidisciplinary Monograph. 2025. P. 269–281.
Flehantova A. L., Perebyinis V. I. Goodwill as an indicator of innovation strategy and a factor of competitiveness of creative sector companies. Economics today: Problems of modeling and management : Proceedings of the Conference (Poltava, Dec 18–19, 2025) / ed. by M. Ye. Rohoza, H. V. Karnaukhova. Poltava : PUET, 2025. P. 84–88.
Флюк Г., Колоша В. Креативна економіка: сутність, еволюція, вплив на соціально-економічний розвиток. Науковий вісник Чернівецького національного університету імені Юрія Федьковича. Серія: Економіка. 2025. Вип. 1. С. 63–69. DOI: https://doi.org/10.32782/ecovis/2025-1-10
Hemraj S. AI and the future of creative development: Redefining digital media production. AI and Ethics. 2025. Vol. 5, no. 5. P. 5105–5119. DOI: https://doi.org/10.1007/s43681-025-00765-x
Гусєва Н., Німець О. Креативні індустрії та креативна економіка: теоретичні та практичні аспекти взаємозв'язків. Наукові записки Тернопільського національного педагогічного університету імені Володимира Гнатюка. Серія: Географія. 2025. Т. 59, вип. 2. С. 44–53. DOI: https://doi.org/10.25128/2519-4577.25.2.5
Липич Л. Г., Хілуха О. А., Кушнір М. А. Організаційна культура як чинник розвитку підприємств креативного сектору. Економічні досягнення: перспективи та інновації. 2025. Вип. 20. DOI: https://doi.org/10.5281/zenodo.16693530
Okeyo M., Mutua J. Artificial intelligence and performance of the digital media industry. Strategic Journals. 2024. URL: https://strategicjournals.com/index.php/journal/article/view/2909
Рамський А., Сімавін П. Роль інтелектуального капіталу в забезпеченні конкурентоспроможності підприємства. Європейський науковий журнал економічних та фінансових інновацій. 2025. Т. 16, вип. 2. С. 247–255. DOI: https://doi.org/10.32750/2025-0223
Резнікова Н., Вовк В., Птащенко Л. Конкуренція в цифрову епоху: стратегічні детермінанти конкурентоспроможності. Європейський науковий журнал економічних та фінансових інновацій. 2025. Т. 16, вип. 2. С. 421–429. DOI: https://doi.org/10.32750/2025-0239
Shevchuk Ya. Ya., Shevchuk I. Ya. Features of enterprise management in creative industries. Research and Innovation. 2025. Vol. 5, no. 2. P. 19–25.
Singh A., Saxena R., Saxena S. The human touch in the age of artificial intelligence: A literature review on the interplay of emotional intelligence and AI. Cognition, Technology & Work. 2024. DOI: https://doi.org/10.56557/ajocr/2024/v9i48860
Соломенний О. Поняття та класифікація інтелектуально-інноваційних технологій. Сталий розвиток економіки. 2025. Вип. 53, № 2. С. 50–55. DOI: https://doi.org/10.32782/2308-1988/2025-53-7
Свищук І. Сучасні тенденції розвитку креативних індустрій в Україні. Сталий розвиток економіки. 2025. Вип. 52, № 1. С. 150–157. DOI: https://doi.org/10.32782/2308-1988/2025-52-21
Васильченко М. І., Кравченко О. М. Еволюція наукових підходів до визначення сутності інновацій та інноваційного розвитку підприємств. Наукові перспективи. 2025. Вип. 57, № 3. С. 694–710. DOI: https://doi.org/10.52058/2708-7530-2025-3(57)-694-710
Василенко О. Дизайн як складова креативної індустрії: аналіз тенденцій розвитку глобального та українського ринків. Сталий розвиток економіки. 2025. Вип. 54, № 3. С. 258–264. DOI: https://doi.org/10.32782/2308-1988/2025-54-40
Adobe Inc. Financial information. 2025. URL: https://www.adobe.com/investor-relations/financials.html
Alphabet Inc. Investor relations. 2025. URL: https://abc.xyz/investor/
Meta Platforms, Inc. Financials. 2025. URL: https://investor.fb.com/financials/
Netflix, Inc. Financials. 2025. URL: https://ir.netflix.com/financials/
Sony Group Corporation. Consolidated financial results. 2025. URL: https://www.sony.com/en/SonyInfo/IR/library/
The Walt Disney Company. Investor relations. 2025. URL: https://www.thewaltdisneycompany.com/investor-relations/
Warner Bros. Discovery, Inc. SEC filings. 2025. URL: https://ir.wbd.com/financials/sec-filings/default.aspx
This work is licensed under a Creative Commons Attribution 4.0 International License.