We’ve reported on estimates from Spain and France about the financial hit that recorded music may take from Covid-19 this year. Now there’s a report from the UK’s Creative Industries Federation about the wider impact across the creative industries in the UK.
The report, as you’d expect from something designed to prod the government into providing more support, paints a bleak picture. “Cultural catastrophe – over 400,000 creative jobs could be lost, with the UK creative industries projected to lose £1.4 billion a week in revenue in 2020,” is the headline claim. You can read the full report, which is the work of research firm Oxford Economics, here.
Within the report, music is grouped with the performing and visual arts, and together they are predicted to lose as much as £11bn in turnover – a 54% drop from 2019’s total – and 60% of jobs. It goes on to claim that last year the music industry specifically produced £5.2bn of ‘GVA’ (Gross Value Added – a measurement of value to the wider economy) but that this could drop by at least £3bn in 2020.
As for live music: “It is anticipated that recovery will take at least 3-4 years to get back to 2019 levels of business.”
Creative Industries Federation boss Caroline Norbury spelt out the demands. “We urgently need a Cultural Renewal Fund for those in the creative sector who will be hit hardest, including those industries who will be latest to return to work, those businesses unable to operate fully whilst maintaining social distancing and those creative professionals who continue to fall through the gaps of government support measures.”
Image by Harvepino / Shutterstock.com
Music Ally’s next Learn Live webinar will help you build the strategies for artists to thrive in new international markets!