The EU’s Initiative to Redress the Effect of COVID-19 on the Entertainment Industry
Almost a year ago now, the pandemic outbreak disrupted the worldwide entertainment industry – and in particular, film and television production. Similar to the US, European audio-visual productions were halted, movie theaters were closed, events, premieres and entire marketing and distribution campaigns were postponed or cancelled.
Cinemas across the European Union saw a 69.0 % drop in box office numbers in 2020, accounting for a total decrease of €4 billion in revenues compared to 20191. With movie theaters on the brink of bankruptcy, postponed productions with huge increases in costs (in part due to COVID-19 safety measures), and a consumer attitude that shifted rapidly to online content consumption, the old business models will probably disappear even faster than anticipated.
In order to combat the negative effects of the crisis, the European Union (EU) stepped in with various programs to support the cultural and creative sectors, as well as artists in all of its Member States.
By: Alina Condurat