One in three jobs in UK music industry wiped out since Covid-19
October 19, 2021, 4:05 am

One in three jobs in UK music industry wiped out since Covid-19

Concerts-Crowd-Performance/Pixabay

The Inews reported that UK Music says 69,000 people, including freelance musicians and those working in live music, have left the industry since the pandemic hit. They have gone from concert stage sopranos to supermarket shelf-stackers.

According to a report, one in three jobs in the music industry have been wiped out since Covid-19.

According to the Inews, the analysis by UK Music, which represents the British music industry, found that 69,000 people, including freelance musicians and those working in live music, have left the industry since the pandemic hit.

Music employment plunged by 35 per cent from 197,000 people in 2019 to 128,000 and the industry’s economic contribution fell 46 per cent from £5.8bn to £3.1bn.

The Musicians’ Union reported examples of freelance orchestral musicians and opera singers forced to take work in supermarkets or retrain as delivery drivers because they did not qualify for the Government’s furlough support scheme during lockdown.

Those affected include mezzo-soprano Lara Rebekah Harvey, who had landed a role at Opera Holland Park before the pandemic but had to make ends meet by working for supermarket Lidl.

She said she felt “lucky to have a job” but “can’t wait to get back to opera”.

Road crew, including the experienced lighting and sound engineers needed to stage stadium spectaculars, have also drifted away into other professions after sitting idle.

Glastonbury was among the hundreds of festivals and live music events cancelled after the first in a series of lockdowns was imposed in March 2020. In a sector where three quarters of workers are self-employed, many were not covered by Government support schemes.

UK Music called on the Government to introduce tax incentives and other employment-boosting measures to help the sector rebuild. It also called for urgent action to resolve the problems facing musicians and crew touring the EU.

New rules which came into force at the beginning of the year do not guarantee visa-free travel for musicians in the bloc and have prompted fears that touring artists will incur large fees in many of the countries they visit.

Sir Elton John has called for a meeting with Boris Johnson after warning that it is currently “financially impossible” for rising British talent to tour in the European Union.

UK Music’s chief executive, Jamie Njoku-Goodwin, said: “Music matters to us all. And in a year when we’ve seen just how important music is to all our lives, it’s more important than ever that we take the necessary steps to protect, strengthen and grow the industry.”

The report, This Is Music 2021, warns that “increased costs linked to new bureaucracy, including carnets, transport restrictions and work permits in some member states, will push up barriers, especially for mid-level and emerging artists when EU touring resumes.”

The Department for Digital, Culture, Media and Sport (DCMS) said it had negotiated with 19 EU countries to allow British musicians and performers to conduct short tours.

Culture Secretary Nadine Dorries said: “We have also listened carefully to UK Music’s arguments about a market failure regarding events insurance, and introduced the Government-backed £700 million Live Events Reinsurance Scheme to ensure future events can be planned with certainty.

“Until now, our focus has been rescue and reopening. Now the priority is to ensure a strong recovery. The UK music industry is one of our country’s great national assets, and I give my commitment that the Government will continue to back it every step of the way.”

This Is Music 2021 also found that the UK public listens to an estimated 60 billion hours of music a year. More than half of respondents said they sang regularly – with 24 per cent admitting to singing in the shower.

Source: inews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.