Impact on Nonprofit Arts and Cultural Sector
Nationally, financial losses to nonprofit arts organizations are estimated to be $4.98 billion, to date. They have also lost 208 million admissions due to cancelled events, resulting in a $6.6 billion loss in event-related spending by audiences (restaurants, lodging, retail). The economic impact of these losses is $1.9 billion in lost government revenue and 328,000 jobs no longer being supported. Findings are based on 11,000 survey responses. (Survey. Dashboard.)
• 95% cancelled events.
• 66% expect this crisis to have a “severe” impact on their organization.
• 29% reduced artistic workforce.
• 24% reduced staff (42% are “likely” to reduce staff).
• 10% are “not confident” that they will survive the COVID-19 pandemic (a potential loss of 12,000 organizations).
• And yet, 65% are delivering artistic content to raise community spirits and morale!