British Music Industry Loses £13.9 Million To Coronavirus
Brit Pop superstars like Sam Smith have discovered that their domestic market has taken a serious financial blow because of the Coronavirus.
The British recording industry was forced to abort all of its missions earlier this month after the virus struck the nation which means that much of the money it would have generated within the last few weeks has been lost.
Industry experts say that this sings to the sorry tune of £13.9 million.
90% of musicians have already been affected, with job opportunities down 69% vs. the same time last year. According to the findings, the highest loss of earnings is due to canceled gigs and live performances. Teaching and orchestral work are also experiencing a significant downturn due to social distancing measures, closures and pupil isolation.
The government is to implement a number of measures designed to support the self-employed and protect those who have been hit hardest by the chaos.
The U.K. economy benefits substantially from over 5 million self-employed and freelance workers. Many have lost all sources of income completely through this crisis, have been effectively overlooked and are now facing economic strife as a result.