In June, we reported on a claim by French industry body SNEP that the Covid-19 coronavirus pandemic could deliver a €235m blow to recorded music revenues in France this year. But that’s just a fraction of the anticipated losses, it turns out.
Another industry body, TPLM (Tous Pour La Musique) which represents all aspects of the French music industry, has put out a report tracking the anticipated impact overall. “The music industry is expected to lose about 43% of its forecasted revenue, or about €4.5bn,” is its headline claim.
In these calculations, recorded music revenues are expected to come in 20% smaller than expected – a hit of €200m – but it’s the live industry that’s unsurprisingly hardest hit: an 83% drop in forecasted revenues this year, meaning a €2.29bn hit. Collections by society Sacem are predicted to come in at 23% below expectations, a €250m shortfall meanwhile.
TPLM’s report also predicts that artists and performers will lose around €46.8m of revenues excluding losses related to the cancellation of concerts and festivals. As elsewhere in the world, the publication of these predictions aims to stiffen the government’s resolve to support the music industry and its creators with more financial aid.