STUDY: Europe’s inventive sector up 31%, music down 76% on account of COVID-19

The European creative sector, which includes the music, performance, film, television and video game industries, has lost a total of 31% due to the pandonavirus pandemic (COVID-19).

European Society of Authors (GESAC) Well a new one Rebuild Europe study of EY Warning in an op-ed creative sector. The results underscore the blow to the creative industries, which saw total revenue decline from $ 783 billion in 2019 to $ 540 billion in 2020.

According to the study, performing arts revenues declined 90% and music revenues decreased 76% during the pandemic. The only creative sector that saw an increase was the video game industry, with sales up 9%.

GESAC proposes a call to action – to restore, strengthen and use these cultural and creative industries (CCIs):

… These organizations themselves have suffered badly from the crisis, and the worst is yet to come for the IHK: a full recovery is not expected before 2022. Without a significant resumption of offline activity in 2021, their ability to maintain and increase investment in new projects is seriously affected by creation and innovation.

Thankfully, it’s not too late to take action. CCIs can be an essential partner for a European recovery, stimulating economic activity and promoting social cohesion. Europe needs to pull itself up, respond to the urgency of such an important sector and bring it new drivers for sustainable growth.

Take a look at the results of the study here and read the GESAC work here.

Sources: Reconstruction of Europe, GESAC | Photo via Rukes.com

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