May 4, 2020

The Committee said that the culture and creative sector in the EU, especially individual creators and SMEs, and the media sector are being “decimated” by the crisis. The EU must therefore do more to help those struggling sectors to get back on their feet.

The Committee says that the media and press sectors currently play a crucial role in providing accurate information and thorough reporting. They are a critical antidote to fake news and disinformation. Yet the sector is currently being hit very hard, with a drop of as much as 80% of advertising revenue in some member states and uncertainty being the only certainty for the future.

The Committee is asking the Commission to explore the potential for an emergency fund to support the media and press sector, drawing on funds that cannot be spent under other programmes because of the COVID-19 pandemic.

The Committee also points out that the cultural and creative sector is made up of many individual creators and SMEs, as well as charities. Their status often makes it harder for them to qualify for national or EU support schemes.

To make sure EU funds reach the sector, the Committee is asking the Commission to consider increasing the Cultural and Creative Sectors Guarantee Facility (Creative Europe programme) by topping it up from the 2021 budget, or transferring funds from the European Fund for Strategic Investments.

Creating an ad hoc financial instrument under the European Investment Fund to channel funds to the sector should also be considered. To read the European Parliament’s press release in full, click here.