Investors analyzing water scarcity impacts on companies - Global Banking & Finance Review
Image depicting investors assessing the impact of drought on companies and exploring water management solutions. This relates to the article's discussion on the financial implications of water scarcity.
Top Stories

One in three UK music jobs wiped out by COVID, report says

Published by maria gbaf

Posted on October 19, 2021

2 min read
Add as preferred source on Google

COVID-19 Impact: One Third of UK Music Jobs Lost, Report Finds

By Marie-Louise Gumuchian

LONDON (Reuters) – The COVID-19 pandemic has wiped out one in three jobs in the UK music industry, a trade body said on Tuesday, as it called for government support to help the sector recover.

The number of jobs fell 35% to 128,000 in 2020 from 197,000 in 2019 as the pandemic shut down live events and forced studios to close their doors, UK Music said in its annual report.

Some 69,000 jobs were lost in a sector where three quarters of workers are self-employed and did not receive help from government support schemes, according to the “This Is Music 2021” report.

The music industry’s contribution to the UK economy fell 46% to 3.1 billion pounds ($4.26 billion) in 2020 from 5.8 billion pounds in 2019, the report added. Exports fell 23% to 2.3 billion pounds.

“The past 18 months have been exceptionally challenging for the UK music industry, with billions wiped off the value of the sector – but we are determined to look to the future and focus on recovery,” UK Music Chief Executive Jamie Njoku-Goodwin said.

UK Music called on the government to introduce tax incentives and employment-boosting measures, and to help musicians and crew deal with the paperwork and extra costs involved in touring mainland Europe after Brexit.

It said it also wants a permanent reduction in the value-added tax (VAT) rate on tickets and live music events, more funding and support for music exports as well as funding for music education and for the self-employed.

After imposing the first national lockdown in March 2020, the British government announced a 2-billion-pound culture recovery fund to help museums, cinemas, theatres, cinemas and arts venues.

Entertainment venues have since reopened and late summer festivals including the Reading and Leeds twin events resumed.

($1 = 0.7283 pounds)

(Reporting by Marie-Louise Gumuchian; Editing by Andrew Heavens)

Key Takeaways

  • COVID-19 caused a 35% drop in UK music jobs.
  • UK Music calls for government support and tax incentives.
  • Music industry's economic contribution fell by 46%.
  • Brexit adds challenges with touring in Europe.
  • The sector seeks VAT reduction on live events.

Frequently Asked Questions

What is the main topic?
The article discusses the impact of COVID-19 on UK music industry jobs and calls for government support.
How many jobs were lost in the UK music industry?
The UK music industry lost 69,000 jobs, a 35% decrease from 2019.
What support is the music industry seeking?
The industry seeks tax incentives, employment measures, and VAT reductions on live events.

Related Articles

More from Top Stories

Explore more articles in the Top Stories category