A report on the cultural economy before + after Covid-19

With facts + figures, “Rebuilding Europe: the cultural and creative economy before and after Covid-19” by EY Consulting illustrates the significance of the sector and the effects of Covid-19. Read it here!

At the end of 2019, the cultural + creative economy was a European heavyweight, making a higher economic contribution in the EU than telecommunications, high technology, pharmaceuticals or the automotive industry.

Moreover, all the players point to a period of intense innovation – not only in search for greater live experience, but also the explosion in demand for online content.

However, since the outbreak of the Covid-19 crisis, the sector has seen a los of 31% of its revenues. In performing arts spefically, this loss is 90%. While the crisis has hit Central and Eastern Europe the hardest, all sectors in the cultural + creative economy have been affected.

When it comes to rebuilding Europe after the crisis, the report identifies 3 challenges: Public funding, providing empowering conditions for businesses and creators, and leveraging the cultural + creative economy as a major accelerator in Europe.

Read the full report below!