Report suggests that UK culture sector may lose £74 billion in revenue this year
Leaders within the United Kingdom’s cultural sector have warned that the industry could be facing potential job losses of more than 400,000 positions and up to £74 billion in lost revenue due to the ongoing pandemic. The revelation has been made by new research conducted by Oxford Economics and commissioned by Creative Industries Federation.
The research staggeringly claims that the creative sector, which covers industries including music, film, TV, theatre, architecture and museums, will experience twice as much economic devastation from the pandemic compared to the overall economy.
Caroline Norbury, chief executive of The Creative Industries Federation, a national advocacy organisation for the UK’s creative industries and cultural education, has said: “These are the industries of the future – highly innovative, resistant to automation and integral to our cultural identity. We’re about to need them more than ever,” in a new statement.
“Our creative industries have been one of the UK’s biggest success stories but what today’s report makes clear is that, without additional government support, we are heading for a cultural catastrophe,” she added.
“If nothing is done, thousands of world-leading creative businesses are set to close their doors, hundreds of thousands of jobs will be lost and billions will be lost to our economy. The repercussions would have a devastating and irreversible effect on our country.”
UK Music’s acting chief executive, Tom Kiehl, has told The Independent: “Year after year, the UK music industry is a proven winner for our economy, job creation and exports, as well as positively impacting other sectors like tourism,” he said in reaction to the new report.
“Coronavirus has turned our world upside down, with catastrophic consequences across the industry and beyond.”
He added: “The music industry is resilient, but this means knowing when to ask for help. We need help to restart our economy, help to preserve jobs and help to maintain the UK’s fundamental position as a net exporter of music across the rest of the world.”