The coronavirus pandemic will result in around €10 billion ($12 billion) in lost revenue for Europe's audiovisual industries this year, according to estimates in a new report by thinktank the European Audiovisual Observatory.
Gilles Fontaine, the report's author, says the economic effects of COVID-19 have created "a perfect storm" with revenue falling across all areas of the media sector, with the notable exception of online streaming services.Overall, the report estimates that total revenue across the television, film, and home video sectors in the 27 markets of the European Union will amount to €80.9 billion ($95 billion) in 2020, compared to €90.8 billion ($107 billion) last year.