Earlier this year, Spanish industry body Promusicae predicted a €100m hit to recorded music revenues in Spain this year due to the Covid-19 pandemic. Now French body SNEP has come out with a comparable prediction for its own market, suggesting that recorded music revenues will fall by €235m this year due to Covid-19 – a drop of 21% to those forecast for 2020 before the pandemic struck.
SNEP is predicting that even streaming revenues will be 7% below pre-pandemic predictions for 2020 in France, while music sales and neighbouring rights revenues will take a 40% hit.
The figures have been released as part of a lobbying campaign to persuade the French government to offer more support to the music industry. “We also call on the state to implement an ambitious strategy in favour of a sector that has successfully reinvented itself and developed real potential internationally,” said Guilhelm Cottet, CEO of independent body UPFI. Tax credits for music recording/production; a pan-European reduced VAT rate on CD and vinyl products; and a direct assistance plan for ‘VSEs’ – Very Small Enterprises, the smallest of companies, who often struggle with existing lending schemes. Download the full (French-language) SNEP / UPFI report here.