Coronavirus closures could result in $45 billion in lost revenue in the U.K.
The U.K. film, television, video and photography industries are projected to shrink 57% and lose £36 billion in revenues in 2020 due to the effects of theThe report also forecasts that as social distancing constraints impact cinema capacity and the cost of filmmaking, 102,000 or 42% of jobs across the industries will be lost.
The report projects that the music industry could shrink 50% to lose at least £3 billion in revenues and 60% of jobs, with the sector being hit hard by the collapse in live music and touring. Similarly, theater is projected to shrink 61% to lose £3 billion in revenue, with up to 70% of jobs lost.
”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,” said Norbury. “As the union for media and entertainment workers and freelancers, the scale of devastation demonstrated in these figures is terrifying,” said Philippa Childs, head of entertainment union Bectu. ”The creativity that fuels this outstanding sector of the economy comes from people who have dedicated themselves to the film, theater, TV, cinema and live events industries.
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