This research aims to characterize the creative industries from the stakeholders' perspective, showing what role they play and how they influence the decisions of organizations. We analyse the different relationships that are established between the stakeholders and the company according to the power (negotiation capacity), the legitimacy (of the relationship) and the urgency (meeting the needs) using classification in a continuum, because, rather than knowing if stakeholders have these attributes, it is possible to understand their level of importance. This are contemporary relationships, established in a knowledge society, where arts and technology are omnipresent, specially in a recent, informal and important sector, like creative industries, which are, therefore, urgent to know. The case study focuses on the creative industry in Lisbon and is supported by semi-structured interviews, methodology which is consistent with the main studies that use the stakeholder theory. Since our investigation is in progress, the major results expected are an increasing influence of new stakeholders, with power and urgency, such as the government and the community, while the shareholders' importance decreases, in comparison with other industries. The employees' influence is expected to remain the same. These new stakeholders seem to be more relevant to operational issues and less significant in strategic decisions. Data should suggest that stakeholder management defines the expectation and the commitments of these groups. Their relationship must be essentially based on trust and teamwork. It is also expected that different stakeholders will influence business policies as most of them have power, urgency, and legitimacy.