Creative industries will be hit twice as hard by coronavirus as the UK economy overall, risking a “cultural catastrophe” for the country’s performing arts companies, concert venues and the broader culture sector, a study has found.
Revenues are forecast to drop by £74bn in 2020 — a 30 per cent fall — while job losses are predicted to hit more than 400,000, according to the research by consultancy Oxford Economics.
The loss in gross value added — a measure of output — in the creative industries will be 25 per cent in 2020, or £29bn, the research found. The Office for Budget Responsibility has forecast a drop of 12.8 per cent in UK gross domestic product in 2020.
Caroline Norbury, chief executive of the Creative Industries Federation, a trade body, which commissioned the research, said the report made clear the sector was “heading for a cultural catastrophe” without additional government