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COVID-19 Knocks 30 Percent Off Europe’s Film, TV, Music Revenue

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COVID-19 Knocks 30 Percent Off Europe’s Film, TV, Music Revenue
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Europe’s creative industries demand more government support to bounce back from the COVID-19 epidemic, which hit their revenues hard.
Representatives of Europe’s creative industries – from film and TV to theater, music, and video games – are calling for more government help from COVID-19 from the economic damage caused.

A study published on Tuesday by the European author Society GESAC shows that total revenue in Europe’s creative sector is down 31 percent in 2020 from $ 783 billion (€ 643 billion) to $ 540 billion (€ 444 billion) from pre-epidemic in 2019 Gone.

According to the study, COVID-19 security measures, including lockdowns in most of Europe, hit the performing arts hardest, causing a 90 percent drop in revenue. The total is close to € 200 billion ($ 243 million), well above the worst estimates of the damage forecast at the onset of the epidemic in Europe early last year.

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Music revenue in Europe also fell by some 76 percent, and box office sales in European theaters fell an estimated 75 percent. The only upside to one creative sector was the video game industry, which reported a 9 percent drop in sales.

GESAC has partnered with several Pan-European groups, including reports from the Eurocaima Association of European Producers, the Association of Independent Music Companies, Impala, and the Society of Audiovisual Authorities, which aims to highlight the importance of creative industries for Europe’s economy And have to argue for it. More government intervention to return to the health sector.

The group estimates that Europe’s creative industries account for 4.4 percent of the entire GDP of the European Union in 2019, a larger share than Europe’s pharmaceutical, automobile or telecommunications industries.

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GESAC is calling for “massive public financing” and strong support for private investment in cultural and creative businesses, to return the industry to the development of CO-COVID. They are also seeking a “solid legal framework” to creatively preserve and leverage their original content online.

The study found that royalties from collection agencies fell 35 percent in 2020 and, in most areas, the increase in digital revenue did not compensate for losses from lower physical sales. Europe’s music industry, for example, expects a 35 percent decrease in CD and vinyl record sales in 2020, offset by a mere 8 percent increase in digital revenue.

European governments have announced a number of industries that support pandemic cultural industries, from tax relief to direct subsidies, and many countries such as the lack of commercial COVID-19 insurance for film and TV production States are trying to find solutions to problems.

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But given the scale of the problem and the number of people affected – GESAC estimates that cultural industries employ 7.6 million people across the continent – the creators of Europe feel that national governments need to do more.

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