Newly commissioned research from Oxford Economics today revealed that over 400,000 creative jobs could be lost along with a projected combined revenue drop of £74 billion for the UK’s creative industries in 2020 (£1.4 billion a week).
The new report, The Projected Economic Impact of Covid-19 on the UK Creative Industries, shows that the impact will be felt in all parts of the UK, with creative industries projected to be hit twice as hard as the wider economy overall and up to three times as hard regionally.
The UK’s creative sector was previously growing at five times the rate of the wider economy, employing over 2 million people and contributing £111.7 billion to the economy – more than the automotive, aerospace, life sciences, and oil and gas industries combined.
So what does this mean for theatre? The report projected that the industry will lose £3 billion in revenue (61%) and 26% of permanent jobs (12,000). Further research from SOLT/UK Theatre shows that, without further intervention, job losses in theatre across permanent and freelance roles are likely to number over 200,000 (over 70%).
As you can imagine, theatre needs your support now more than ever. If you are able to, please support the industry by purchasing Theatre Tokens so that you can see a show when theatres reopen. They have absolutely no expiry date and make the perfect gift for you or your loved ones. Alternatively, you can donate to your local theatre or visit www.theatresupport.info to support a theatre charity of your choice. Your donations will be greatly appreciated by those in need.
We thank you for your ongoing support and look forward to welcoming you back to theatres as soon as we can.