UK creative industries facing £74bn drop in income after lockdown
Report says 400,000 jobs likely to be lost across sectors including music, theatre and art
Britain is facing an irreversible “cultural catastrophe” with a projected £74bn drop in revenue for creative industries and the loss of 400,000 jobs as a result of the coronavirus pandemic.
The Creative Industries Federation commissioned the global forecaster Oxford Economics to research the economic impact of Covid-19 on industries including music, theatre, film, TV, fashion, publishing, architecture, museums and galleries.
The creative industries GVA (gross value added) will fall by £29bn, down 25%, and revenues will drop by £74bn, or 30%.
Despite the job retention scheme, 119,000 permanent workers will be made redundant by the end of the year. An estimated 287,000 freelance roles will also be terminated.
The music industry, hit hard by the collapse in live music and performing, could lose at least £3bn in GVA, or 50% of the total, and 114,000 jobs, or 60% of the total.
Theatres face a £3bn revenue loss (61%) and the loss of 12,000 jobs (26%). The figures do not take into account the reluctance of audiences to return to venues.
The film, TV, radio and photography sectors face a loss of £36bn in revenue (57%), with 102,000 jobs at risk (42%).
Museums and galleries could lose £743m in revenue (9%) and 4,000 jobs (5%). The report says the impact would be mitigated by venues being able to open in July with physical distancing measures in place.
London is projected to experience the biggest drop in creative industries GVA with a £14.6bn (25%) fall. In relative terms, Scotland and north-east England will be hit hardest, with GVA decreases of 39% (£1.7bn) and 37% (£400m) respectively.
