The Creative Industries Federation has warned of a “cultural catastrophe” as a new report reveals the impact Covid-19 is set to have on the sector.
The research predicts that the UK’s creative sector will be hit twice as hard as the wider economy in 2020, with a projected GVA shortfall of £29 billion.
It projects that 119,000 permanent creative workers will be made redundant by the end of the year, with 287,000 freelance roles expected to be terminated by the end of 2020.
Film, TV, video, radio and photography could lose £36 billion in revenue (down 57 per cent), with the sector projected to lose 42 per cent of jobs (102,000) as social distancing constraints affect cinema capacity and the cost of filmmaking. The post production and VFX industry could lose £827 million in revenue (-58 per cent).
London is predicted to be hardest hit in terms of job losses, with the report suggesting 16 per cent of its creative jobs (109,800) will be lost. Of the 406,000 creative jobs expected to be lost nationally, 47 per cent are projected to be in London and the South East.
In total, the creative industries could lose £74 billion in revenue in 2020, which equates to making all eight series of Game of Thrones 150 times over.
Speaking about the report, Caroline Norbury, CEO, Creative Industries Federation, said: “With the economic impact of Covid-19 hitting hard, the role of our creative industries has never been more critical.
“Our creative industries have been one of the UK’s biggest success stories but what today’s report makes clear is that, without additional government support, we are heading for a cultural catastrophe. 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. The repercussions would have a devastating and irreversible effect on our country.”
The full report can be found here.