The continuous COVID-19 pandemic has decimated creative industries, and now, a study recently published by European Author Society GESAC is quantitatively illustrating just how devastating the financial ramifications can be for the music sector.
Overall creative revenue in Europe was found to decrease from $783 billion in 2019 to $540 billion in 2020—a whopping 31% difference. The music industry was among the hardest hit by the pandemic, with overall music revenue declining by 76% as COVID-19 circulated in Europe.
Governments from various European countries have put forth plans such as subsidies and tax relief to help alleviate the financial burden faced by creatives today, but the GESAC argues that the current efforts are not enough to support the more than 7.6 million struggling employees across Europe’s cultural industries. The organization calls for “massive public financing” and a coherent legal structure that will allow creatives to adequately protect online property.
The GESAC’s report is proof that although the COVID-19 pandemic has been active for more than year now, the effects are still being felt more strongly than ever.
H/T: The Hollywood Reporter
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