The COVID-19 pandemic is set to cost the British film and TV industry £36B in lost revenue, with the sector set to shrink 57% in comparison with 2019, according to a report by research firm Oxford Economics for theThe chilling forecast reflects the scale of the production shutdown, with up to 65% of shoots being put on hold, impacting film and TV shows includingThe Oxford Economics forecast also encompasses the dramatic hit to advertising revenues, which has affected broadcasters such as...
Oxford Economics said the UK’s total creative industries, which includes music, theatre, publishing and the arts, is on course for a combined revenue drop of £74B, with one in five jobs being lost. Its data was pulled together with input from across the industries, with contributions from organizations including the BFI, Equity, UK Screen Alliance and Bectu.
“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.”
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