UK screen industry ‘facing $45bn hit’
The UK screen industry is set to lose £36bn (US$45.3bn) in revenue in 2020 as a result of the global coronavirus pandemic, according to a report from analysis firm Oxford Economics.
The report, commissioned by the Creative Industries Federation, predicts that the nation’s film and TV business will shrink by 57% over the coming year, with 42% of jobs across the sector lost – equivalent to 102,000 roles.
The findings represent a “cultural catastrophe” for the UK, according to the CEO of the Creative Industries Federation, Caroline Norbury.
“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,” Norbury said.
Prior to the coronavirus pandemic, the UK’s creative industries employed approximately two million people and contributed £111.7bn (US$140.5bn) to the economy, and were developing at five times the rate of the national economy.
The report, titled The Projected Economic Impact of Covid-19 on the UK Creative Industries, was put together in collaboration with a variety of organisations, including the British Film Institute, Directors UK, Bectu, Equity and Arts Council England.
It calculated an overall £74bn (US$93bn) drop in revenue across the nation’s combined creative industries and the loss of 406,000 jobs, factoring in the crafts, design and designer fashion, advertising, market research, publishing, museum, galleries and architecture sectors.
“We urgently need a Cultural Renewal Fund for those in the creative sector who will be hit hardest, including those industries that will be latest to return to work, those businesses unable to operate fully while maintaining social distancing and those creative professionals who continue to fall through the gaps of government support measures,” said Norbury.
BFI CEO Ben Roberts added: “Film and television production are now restarting and cinemas are hoping to reopen next month. However, there are still huge risks for independent filmmakers and for cinemas trying to make it through recovery, and we are committed to supporting them through the ongoing challenges.”