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Economic impact of COVID-19 on the Cultural and Creative Industries

$750 billion in lost GVA

​Our new report for UNESCO sets out the huge global impact of COVID-19 on the cultural sector.

The cultural and creative industries have fared consistently worse than national economies overall.

We estimate they contracted by US $750 billion in gross value added in 2020, while job losses in this field are estimated conservatively at 10 million worldwide.

Losses in revenue of cultural and creative industries in 2020 ranged between 20 to 40% across different countries.

The biggest absolute falls in the economic contribution of the cultural and creative industries have been observed in megacities and other major urban centres, where these industries are heavily concentrated.

We pioneered an approach using a rapid evidence review combined with LinkedIn data. We’d be delighted to talk more about this report – get in touch with Jonathan.

Image credit: Kat von Wood on Unsplash