Note : This is not meant to be taken as the only, final, or best answer
Points in Favour :
Tech (esp the internet & social media) have cut out the middleman. Artists can promote their work directly to a global audience.
Talent searches are all the rage, so there opportunities to get spotted
Greater affluence & more westernisation have contributed to the increase in the demand for the arts, high culture or western pop culture
There is a greater emphasis on the design of products / aesthetic appeal, not just functionality.
At the same time, there are conscious concerted efforts for cultural preservation and revival through the arts
The growth in the importance of soft power means that more governments are interested in using the arts to promote unity and enhance diplomacy and outreach to the rest of the world
The arts evolves continuously. So, over time, new disciplines, art forms, or techniques are created. The arts scene becomes more exciting and vibrant.
Countries begin to open up too. Any relaxation of censorship gives artists more opportunities to express themselves.
Any points against ?
Competition is going to be very intense
The internet & social media have also made it easier for original ideas to get pinched or manipulated by others >> But there are strategies to overcome this e.g. legal means