Germany's cultural sector likely to lose 31 bln euros in revenues in 2021: study

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BERLIN, Feb. 19 (Xinhua) -- Germany's cultural and creative sector is likely to lose up to 31 billion euros (37.6 billion U.S. dollars) in revenues in 2021, the federal government's Center of Excellence for the Cultural and Creative Industries said on Friday.

The impact of the COVID-19 pandemic would set back the country's cultural and creative sector by at least six years, according to a study conducted by the center.

Germany's cultural and creative sector would "continue to face extreme challenges in 2021 and beyond," said Olaf Arndt, the center's head of analysis and trends.

Performing arts as well as the film and art industry, which would even fall to pre-2003 sales levels, were particularly affected by the COVID-19 pandemic, the study found. The software and games industry, on the other hand, recorded the lowest sales losses.

Compared with the total revenues of around 173 billion euros in 2019, the culture and creative sector in Germany already saw a drop in sales of around 22.4 billion euros in 2020, according to the study.

However, the industry also demonstrated its "potential for innovation." Shaping transformation processes were an "integral part" of the cultural and creative industries in Germany. Despite the COVID-19 restrictions, new, often digital business models were being developed. (1 euro = 1.21 U.S. dollars) Enditem

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