Creative industries face £74bn loss post-COVID, how can the sector recover?
Britain is facing a projected £74bn drop in revenue for creative industries due to the coronavirus pandemic, with 400,000 jobs of artists, designers, musicians, creators and curators likely to be lost.
Research from Oxford Economics suggests that creative industries are set to lose roughly £1.4bn per week and one in five creative jobs, as the sector is expected to be hit twice as hard as the wider UK economy. Many creative companies and individuals are likely to be the last to return to work, as their businesses cannot operate fully owing to physical distancing and a lack of access to high quality tools and materials.
Before the lockdown, Britain’s creative sector was growing at five times the rate of the wider economy and employed more than 2 million people. Now, with the sector suffering a huge setback, it is imperative that Britain’s creative professionals have access to the tools and equipment they need to design and develop their products, even whilst observing social distancing and contending with a lack of funding.
With this in mind, some companies are turning their efforts towards the democratisation of materials and manufacturing, with the goal of empowering fellow artists and creators to kickstart their company’s work or go it alone. British company Mayku is one such example - Mayku builds portable, desktop factories with industrial grade capabilities, thereby empowering creators to kickstart their work by providing affordable and flexible access to invaluable equipment and materials.
Co-founder and CEO of Mayku, Alex Smilansky, discusses the impact of COVID-19 on the creative industries and how the sector must be reinvigorated in light of the impending loss of jobs and revenue:
“The creative industries have developed so rapidly in recent years, and have arguably become one of Britain’s biggest success stories. However, the impact of Coronavirus has dealt a debilitating blow to the sector, and the repercussions will be felt for years to come if the creative industries are left to flounder. This is why it is absolutely vital that we kickstart the sector by giving creative professionals the access to the tools and materials they need to get back to work.
"The traditional model of design, development and manufacturing is outdated, with large, costly equipment and a reliance on third party suppliers and manufacturers stunting the creative growth and ambitions of many companies and individuals. In order to reinvigorate the sector and resuscitate creative Britain, the bright minds and the business leaders in the sector must be able to work flexibly and remotely, and utilise high quality equipments and materials at a manageable cost.
"Mayku are working to help companies tackle these issues by offering industrial-grade materials and desktop manufacturing equipment accessible to all. We provide companies with raw materials at low quantities, whilst our FormBox empowers companies to make small runs of products and being to sell immediately, without having to commit to costly large-scale manufacturing runs.
"Mayku is made up of a community of passionate designers, engineers, crafters and industry experts, committed to democratising manufacturing and empowering anybody to kickstart their own businesses.”