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German cultural sector to suffer losses up to $31 bln due to COVID-19

Xinhua | Updated: 2020-04-01 08:36
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BERLIN -- The center for cultural and creative industries in Germany said on Monday the cultural sector could lose up to 28 billion euros ($31 billion) as a result of the spread of the coronavirus pandemic.

"Many creative professionals are facing economic ruin due to the widespread cancellation of events and commissions without substitution," the center warned.

In a mild scenario, total losses for Germany's cultural and creative industry would only amount to 9.5 billion euros, while a medium scenario would yield a loss of 14.7 billion euros.

The center said that the exact course of the situation and how long the sub-sectors of the cultural and creative industries in Germany would be affected by sales losses would have to be reassessed constantly.

The figures would be "dramatic" in view of the fact "that the sales losses are not evenly distributed over the year, but occur currently and within the next three to four months."

In the music industry, the center is expecting losses of up to 5.1 billion euros, which would be 59 percent of the annual sales. In the film industry, up to 71 percent, or 7.2 billion euros of turnover could be lost.

Self-employed and companies from the art market and the performing arts in Germany were expected to be hit hardest, losing 75 percent of their annual revenues because of COVID-19.

"The coronavirus pandemic is unique in the history of Germany in terms of its impact on society and the economy," the center noted.

"Particularly in times of crisis," however, it would become "evident" that the cultural and creative industries in Germany were using "creative methods to contribute to solutions for key issues of the future, including education, digitization and sustainable development."

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