Oxford Economics Reports on The Projected Economic Impact of COVID-19 on the UK Creative Industries

Oxford Economics has unveiled its latest research, revealing that over 400,000 creative jobs could be lost due to the health crisis, along with a possible combined revenue drop of £74 billion.

The new report, titled The Projected Economic Impact of Covid-19 on the UK Creative Industries, reveals that creative industries are projected to be hit twice as hard as the wider economy overall.

Theater specifically is projected to shrink 61%, losing £3 billion ($3.8 billion) in revenue, with up to 70% of jobs lost.

The next biggest projected decrease within the creative field are the U.K. film, television, video and photography industries, which are projected to shrink 57% and lose £36 billion ($45.3 billion).

The music industry is also expected to shrink 50% and lose at least £3 billion ($3.8 billion) in revenues and 60% of jobs.

The report says that, prior to the health crisis, the U.K. creative sector was growing at five times the rate of the wider economy, employing around two million people and contributing £111.7 billion ($140.5 billion) to the economy.

Read the full report here.