The Independent Music Companies Association (IMPALA), along with 66 other signatories, has issued an open letter to the European Commission urging it to increase its cultural budget.
In the letter, IMPALA calls on the Commission to double the budget for the successor of Creative Europe, its programme dedicated to the cultural sectors, and ensure these sectors have access to other sources of EU funding.
IMPALA says Europe’s cultural and creative sectors provide more than 12 million full-time jobs - 7.5 percent of the EU’s work force.
These sectors create approximately €509bn in value added to GDP, which equates to 5.3 percent of the EU’s total Gross Value Added (GVA), yet the EU has only provided €1.4bn for culture over the last seven years, representing just 0.15 percent of its overall budget.
IMPALA said: ‘Cultural and creative sectors are significant drivers for sustainable growth and job creation and generate major spill over effects for other industrial sectors, placing them among the EU’s main assets. And yet, they are notoriously under-financed and their huge potential remains largely untapped.
‘In 2011 already, it was estimated that there was a finance gap of some €2.8bn to €4.8bn in terms of bank loans for cultural and creative Small and Medium Sized Enterprises (SMEs). The cultural and creative sectors are eager to grow and build upon their recognised excellence. A significant increase to the EU budget dedicated to culture would provide a welcome boost to the EU economy and help European culture shine even brighter.’
Other signatories include the European Grouping of Societies of Authors and Composers (GESAC), of which PRS for Music is a member, the European Music Council and the Independent Music Publishers Forum (IMPF).
Read the full letter.
In the letter, IMPALA calls on the Commission to double the budget for the successor of Creative Europe, its programme dedicated to the cultural sectors, and ensure these sectors have access to other sources of EU funding.
IMPALA says Europe’s cultural and creative sectors provide more than 12 million full-time jobs - 7.5 percent of the EU’s work force.
These sectors create approximately €509bn in value added to GDP, which equates to 5.3 percent of the EU’s total Gross Value Added (GVA), yet the EU has only provided €1.4bn for culture over the last seven years, representing just 0.15 percent of its overall budget.
IMPALA said: ‘Cultural and creative sectors are significant drivers for sustainable growth and job creation and generate major spill over effects for other industrial sectors, placing them among the EU’s main assets. And yet, they are notoriously under-financed and their huge potential remains largely untapped.
‘In 2011 already, it was estimated that there was a finance gap of some €2.8bn to €4.8bn in terms of bank loans for cultural and creative Small and Medium Sized Enterprises (SMEs). The cultural and creative sectors are eager to grow and build upon their recognised excellence. A significant increase to the EU budget dedicated to culture would provide a welcome boost to the EU economy and help European culture shine even brighter.’
Other signatories include the European Grouping of Societies of Authors and Composers (GESAC), of which PRS for Music is a member, the European Music Council and the Independent Music Publishers Forum (IMPF).
Read the full letter.
