Job Losses could reach tens of thousands
The festival and events industry has been ‘left on the shelf’, according to senior industry leaders, and will lose some of the UK’s most recognised event and festival brands over the next three months, as well as face job losses reaching the tens of thousands.
The announcement follows warnings from the National Outdoor Events Association (NOEA) last month that the industry was looking at irreversible damage, with many businesses unable to guarantee existence past July 2020. The industry has been calling for urgent government support for the many events and support businesses that have seen cancellations this summer. The long lead time of creating events has effectively meant businesses have written off the busy summer season of events, with winter festivals and Hogmanay events now increasingly under threat as well.
The festival and events industry covers both the events themselves and hundreds of support businesses and event suppliers, sustaining over 589,000 jobs. With many events and businesses set to close without further support, NOEA predicts that ‘tens of thousands’ of jobs will be lost. “This is a big industry with lots of SME companies and freelancers attached to every event. Because of this, we know that job losses could be in the tens of thousands,” continues Tom.
According to NOEA research, the average loss to event businesses is £539,431 with over half suffering liabilities of £100,000 or more. Some companies are already facing multi-million pound losses, while smaller businesses and individuals are looking at liabilities of tens of thousands of pounds.