Europe's creative economy has been decimated by the effects of the COVID-19 pandemic. Venues remain closed, productions postponed and advertising revenues have plummeted. We have all, individually, suffered the effects of cultural and social scarcity. But 2019 was a different story.
Cultural and creative industries represented some of Europe's biggest employers, some of its most diverse and fast-growing sectors, and a major contributor to European GDP. The balance of trade in culture posted a net surplus of €8.6 billion in 2019. In this follow up to their hugely influential 2014 study, EY digs down into the numbers behind the continued rise of European CCIs, how they came to be an economic heavyweight, and how they just might hold to key to a strong European recovery.
The European Grouping of Societies of Authors and Composers (GESAC) commissioned the EY report on the state of the cultural and creative industries in Europe, of which the SAA is one of the project partners representing the cultural and creative sectors.
The study examines: What was their economic situation before the COVID-19 crisis? What impact has the crisis had on activity and employment? And what are the main priorities for the sector to protect itself from the most serious consequences, to recover growth and enhance its value in the European economy? The study and executive summary are available on the study website.