SIAE 2020 data, disastrous losses for entire entertainment industry due to pandemic

The health emergency from Covid-19 caused disastrous losses for the entire entertainment industry. According to Siae 2020 data, overall events decreased by 69.29 percent, admissions dropped by 72.90 percent, box office spending dropped by 77.58 percent, while audience spending dropped by 82.24 percent.

Since March 2020, all cultural venues have been closed to the public due to the pandemic, and performances of all kinds, including theater and film, have been canceled, and then reopenings have followed with restrictions and closures throughout the year, leading to severe losses for the entertainment industry with heavy impacts on employment levels as well.

Specifically, cinema activity experienced a 70.86 percent decrease in admissions and, in parallel, a 71.55 percent decrease in box office spending. Theater activity lost 70.71 percent of admissions compared to 2019 and reported a 78.45 percent decrease in box office spending. Even more substantial are the losses for the concert sector, with an 83.19% drop in admissions matched by an 89.32% drop in box office spending. The negative effects that occurred as a result of the adoption of the Covid-19 containment measures were also felt in the traveling show attractions sector, although to a lesser extent: -58.75 percent for admissions and -60.74 percent for box office spending. Exhibitions and displays, among the sectors hardest hit by the pandemic, also experienced a 77.90 percent reduction in admissions and 76.70 percent reduction in box office spending. The same fate befell activities with multiple genres, with admissions down 66.85 percent and box office spending down 77.07 percent from the previous year.

“The epochal crisis brought about by the health emergency and the consequent measures to counter it is making the entertainment sector, of which those creators of happiness for our community who are the composers and artists of music, cinema, theater and literature, as well as the workers who support their activity, pay a very high price,” said SIAE President Giulio Rapetti Mogol. “The spread of culture is essential not only for the Italian economy, but for the very quality of life, and for this reason it represents more than just one of the many sectors to be saved in the current situation.”

“At a time when we are fighting a very tough battle against an invisible enemy, our data resemble a real war bulletin,” commented SIAE Director General Gaetano Blandini. “It is also important to understand what consequences this long and difficult phase will leave on people’s habits when it will be possible to return to normal. As the Italian Society of Authors and Publishers, it is our precise duty to ensure that everything possible is done to ensure that the artistic and cultural heritage, which contributes significantly to the economic growth of our country, receives the right attention in terms of strategies, programming and financial support, so that it can restart and resume its path of growth.”

SIAE 2020 data, disastrous losses for entire entertainment industry due to pandemic

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