COVID-19 Knocks 30 Percent Off Europe’s Film, TV, Music Revenue (hollywoodreporter.com)
Europe’s creative industries call for more government support to bounce back from the COVID-19 pandemic, which hit their revenue hard.
Representatives of Europe’s creative industries — from film and TV to theater, music, and video games — are calling for more government help to rebound from the economic damage wrought by COVID-19.
A study published Tuesday by European Authors Society GESAC showed overall revenue in Europe’s creative sector dropped 31 percent in 2020 from a high of $783 billion (€643 billion) in 2019, pre-pandemic, to $540 billion (€444 billion) last year.
COVID-19 safety measures, which have included lockdowns across most of Europe, hit the performing arts the hardest, resulting in a 90 percent drop in revenue, according to the study. The overall drop, close to €200 billion ($243 million), is above all but the worst estimates of the damage forecast at the beginning of the pandemic in Europe early last year.
By: Scott Roxborough