"Our music industry is now borderline untenable, with grassroots venues shuttering at speed (125 in 2023 alone) and artists unable to afford to play the few that are left; touring has become a loss leader that even established acts must subsidise with other work. Meanwhile, streaming has gutted the value of recorded music, leading to industry contraction at the highest level: earlier this year the UK divisions of Warners and Atlantic two of our biggest record labels were effectively subsumed into the US business."
"As the BBC, bedrock of our cultural life, lurches from crisis to crisis, the TV industry at large has been ruinously compromised by broadcasters' inability to pay for programming due to advertising cuts and ballooning costs. Like film, it has become dependent on international investment to the extent that many are concerned that we've lost the ability to make programmes exclusively for British audiences."
British cultural sectors are experiencing severe financial strain. Grassroots music venues are closing rapidly and touring increasingly loses money, forcing artists to subsidise performances. Streaming has sharply reduced recorded-music revenues, prompting consolidation of UK label operations into US parent companies. Comedy festivals, notably the Edinburgh Fringe, face existential threats from sponsorship shortfalls and high performer costs. The film industry relies heavily on diminishing US funding, with most productions ultimately generating profits abroad. Public and commercial broadcasters cannot afford original programming due to advertising declines and rising costs, making many shows dependent on international investment or significant pay cuts.
Read at www.theguardian.com
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