‘The cultural and creative economy before and after the COVID-19 crisis’

The Society of Audiovisual Authors (SAA) has contributed to a report on the state of Europe’s cultural and creative economy before and after the pandemic, analyzing the devastating effects it has had on the cultural sector.

The culture and creativity were a heavyweight in Europe by the end of 2019. The core activities of the cultural and creative industries (CCIs) represented 4.4% of EU GDP in terms of total turnover, with annual revenues totaling more than 643 billion euros. In other words, its contribution was greater than other industries such as technology. Furthermore, they employed more than 7.6 million people, more than eight times as many as the telecommunications sector.

The cultural market is in a evolution period. This period is a time of intense innovation in the market, among other reasons, due to the explosion in demand for online content. Cultural content has fueled the growth and development of the Internet from the very beginning.

However, the challenges are numerous, for example, the remuneration of right holders and the fight against illicit access to protected works.

With the arrival of the Covid-19 Crisis in 2020, this economy lost approximately 31% of its revenues, making it one of the hardest hit in Europe.

The recovery of the creative economy will require: massive public funding and the promotion of private investment ensuring a sound legal framework for the development of private investment and the empowerment of individual and collective creative talents.

Uncertainty about the date for the resumption of cultural activity in 2021 will jeopardize investments in future creative and innovative projects.

The full study HERE.