Culture is one of the biggest losers in the pandemic
According to a study by the consulting firm EY, sales in the cultural sector have plummeted by a third due to the coronavirus, and in music by as much as 76%. The slump is even greater than in tourism and the automotive industry.
With a 31% drop in turnover, the cultural and creative industries are one of the biggest losers in Europe. Only air traffic has been hit even harder. Performing arts (down 90%) and music (down 76%) are the hardest hit; visual arts, architecture, advertising, books, press and audiovisual fell by 20% to 40% compared to 2019. Central and Eastern Europe were hit the hardest (minus 36% in Lithuania to minus 44% in Bulgaria and Estonia).
EY sees three challenges: Firstly, massive public funding and promotion of private investment in cultural and creative enterprises is now required. Secondly, the promotion of the EU's diversified cultural offer must be stimulated by a solid legal framework. Thirdly, the potential of the cultural and creative industries must be harnessed to drive forward Europe's social and ecological transformation.
Link to the study:
https://www.france-creative.org/wp-content/uploads/2021/01/6_panorama_icc_europe_2021.pdf
