The UK's creative arts and entertainment sector shrank by 15% in the last half of 2024. Analysis of Office for National Statistics (ONS) data by performers' union Equity shows a worrying decline in investment in the arts.
The figures show an average monthly decline of 3.7% in the sector, with the peak of the decline in October at 4.6%. Over the same period, total UK GDP contracted by 0.1%, indicating that the arts and entertainment sector is on a much more dramatic trajectory, reports Euronews.
"The rapid and significant shrinkage of the arts and entertainment industry since Labour took office is worrying," said Paul Wu. Fleming, Equity's general secretary. "The government must take urgent action to understand and address this decline that is happening under their leadership, to set out a roadmap to reach the European average level of 0.5% of GDP investment in the arts."
"Investment in arts jobs and infrastructure that focuses on the significant economic benefits that UK film, TV, live performance and productions bring to the whole country will pay dividends," Fleming added.
Fleming noted that the four UK nations had received mixed responses on approaches to arts and culture funding.
Equity highlights the economic value of investment in the arts. "They have a multiplier effect on the economy, with Arts Council England research showing that for every £1 of turnover directly generated by the arts and culture industry, an additional £1.23 worth of turnover is sustained in the wider economy," an Arts Council England report said.
Examples are also given of the UK's large-scale entertainment sector bringing huge economic value, including the UK leg of Taylor Swift's Eras Tour, which brought in an estimated £1bn (£1.2bn). The ABBA Voyage, a long-running virtual show, has generated a turnover of £1.4 billion (€1.7 billion) since its opening in May 2022 and is estimated to have added £775 million (€940 million) in gross value to the UK economy.) | BGNES
