Restarting India: COVID-19 and the creative economy
The coronavirus outbreak in India and the subsequent lockdowns announced by the government have delivered a brutal blow to India's arts and entertainment industry, which is referred to as the creative economy. A recent report by FICCI, in collaboration with British Council and Art X Company, highlights the pain of the industry.
Around 53 percent of companies registered with the Event and Entertainment Management Association have seen 90 percent of business being called off between March and July. Around 107 companies suffered revenue losses of up to Rs 1 crore (each) during the lockdown.
The report, which provides a snapshot of the impact of lockdowns on event companies up until early June, also highlights that 41 percent of India's cultural sector stopped functioning until the lockdown was lifted.
In India, a large number of artists, musicians and artisans belong to the informal sector, which makes them financially more vulnerable. Moreover, with social distancing norms still in place, cultural or social events face an uncertain future. So what does the pandemic mean for the creative economy? What kind of alternative revenue streams can be explored? What assistance is the sector looking for?
Sabbas Joseph, co-founder and Director at Wizcraft, CEO of Sunburn Karan Singh, Managing Director of Geometry Encompass Roshan Abbas, and singer/music composer and lyricist Sona Mohapatra discuss what the future of entertainment and more.
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