Europe’s Creative Sector an overall revenue drop Due to COVID-19

Europe’s creative sector — which includes music, performing arts, film, TV, and video games industries — has suffered an overall 31% loss due to the coronavirus (COVID-19) pandemic. European Authors Society (GESAC) sources a recent Rebuilding Europe study by EY in an op-ed creative sector warning. Findings emphasize the blow to the creative economy, reporting an overall revenue drop from a high of $783 billion (€643 billion) in 2019, to $540 billion (€444 billion) in 2020.

According to the study, performing arts went down in revenue by 90% and music by 76% amid the pandemic. The only creative sector to see an increase was the video games industry, with a 9% bump in sales.

GESAC proposes a call to action — to recover, empower, and leverage these cultural and creative industries (CCIs):

… these organisations themselves suffered greatly from the crisis, and for CCIs, the worst is still to come: a full recovery is not expected before 2022. In the absence of a significant resumption of offline activities in 2021, their ability to maintain and increase investment in new projects, creation and innovation will be seriously compromised.

Luckily, it’s not too late to take action. CCIs can be an essential partner in a European recovery that fosters economic activity and centres social cohesion. Europe must pull itself up, respond to the urgency facing such a vital sector, and bring them new drivers for lasting growth.

See findings from the study here and read the GESAC op-ed piece here.

Sources: Rebuilding Europe, GESAC | Photo via Rukes.com

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