Creative industry will have to innovate new business model to survive, post Covid 19

<p style="font-weight: 400;">Creative economy which includes cinemas, theatres, art exhibitions among others will take a long time to recover from the impact of the Covid 19 pandemic. Organisations involved with art and culture will need to manage financial risks and innovate business models to emerge stronger in the wake of the Covid 19 pandemic, a study jointly conducted by industry body Ficci, British Council and Art X Company showed.</p>
<p style="font-weight: 400;">The study, first of its kind — Taking the Temperature Report:The Impact of Global Covid-19 pandemic on the Creative Economy in India — undertaken to assess the impact of the pandemic on the creative economy revealed that arts and culture will need to promote equality and inclusion for diverse artists and audiences most at risk.</p>
<p style="font-weight: 400;">Online media businesses have fared relatively better, especially on the consumer side as digital consumption has seen rapid growth in India and is likely to accelerate materially during and beyond Covid 19, the study noted.</p>
<p style="font-weight: 400;">Cinemas, museums, galleries and theatres which are typically reliant on face to face engagement with audience will take much longer to recover from the impact of the pandemic as consumer behaviour takes longer to revert from the extended experience of social distancing and lockdown.</p>
<p style="font-weight: 400;">The pandemic, as it spread across India and the rest of the world, is having an unprecedented impact on the creative economy.</p>
<p style="font-weight: 400;">In 2017 a FICCI-KPMG report said that the creative economy in 2018 would touch Rs 275 billion while the crafts economy was to be in the range of Rs 239.6 billion</p>
<p style="font-weight: 400;">Now with the pandemic creating havoc, the creative industries face an uncertain future. “Sectors are contracting, organisations are facing up to difficult choices to ensure they sustain and individual professionals are contending with short-term survival and decisions about whether they can afford to continue to work in the creative sector,” the report said, adding that the face of creative economy will change in the aftermath of Covid-19. Some sectors may even be decimated.</p>.