Impact of Covid-19 on the Creative Industries in Slovakia: Evaluation and Elimination

Research background: The restrictions pose a threat to the creative industries, as some companies and self-employed persons suffer major losses. Many freelancers and micro-enterprises work in the creative industries. They depend more than others on events and markets for earning money. The 33 288 employees that comprise the CIs are therefore hit particularly hard by COVID-19. Purpose of the article: The aim of the paper is to measure the Covid-19 impacts on the Creative industries in Slovakia and evaluate the economic compensation suffered from Ministry of Culture of the Slovak Republic. The compensation payments consist of a certain percentage of the income from the year 2019 and encompass business expenses such as rent and other fixed costs. Methods: Our calculations on the extent to which the creative industries (CIs) and its sub-markets are affected by the COVID-19 pandemic are based on data from Ministry of Culture of the Slovak Republic, the Statistical Office of the Slovak Republic and the FINSTAT database for the year 2019 and 2020. Findings & Value added: The effects of the ordered closures and the associated effects in the individual sub-sectors and occupational fields are estimated. For this reason, economic effects are calculated and recorded based on a scenario analysis. In a second step, the international perspective on the COVID-19 pandemic will be considered. Overall, the analysis of the consequences of the pandemic for the creative industries is intended to provide an overview of the possible consequences in the creative industries and, together with the knowledge about the procedures in other countries, to make political action needs more clearly recognisable