Economic development is characterized not only by emergence of new industries and increasing complexity of the mechanism of their integration with social production. Since the market forms of organization prevail in modern economy, the creative industries are able to receive the status of an essential element of the modern economy and form a «creative market». The main problem is that the market form usually does not correspond to the nature and results of creative activity. The paper deals with the complex theoretical and practical problems associated with the market transformation of traditional forms of organization of creative activity. The author shows that the market transformation of creative scope involves formation of the three basic elements of the emerging market of creative goods and services: sustainable demand, stable supply and free pricing. The author concludes that development of creative economy is of utmost importance for the Russian regions (especially - for the North Caucasus, where the geopolitical factors show necessity to link the economic situation in the region with the situation of neighboring regions). Targeted development of sectors of the creative economy in the North Caucasus is seen by the author as the real factor to significantly minimize the subsidized component in the North Caucasus economy.