WEBVTT - Can the Arts Recover?

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<v Speaker 1>Welcome to Prognosis. I'm Laura Carlson. It's day three and

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<v Speaker 1>forty nine since coronavirus was declared a global pandemic. Today's

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<v Speaker 1>main story the arts once thrived in New York City.

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<v Speaker 1>But that's the industry that has lost the most jobs

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<v Speaker 1>in the pandemic, and it's not yet clear what could

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<v Speaker 1>bring those jobs and that vibrant culture back. But first,

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<v Speaker 1>here's what happened in virus News today. A panel of

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<v Speaker 1>outside advisors to the US Food and Drug Administration are

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<v Speaker 1>vetting the Johnson and Johnson coronavirus vaccine today. It's one

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<v Speaker 1>of the final steps toward likely authorization of the country's

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<v Speaker 1>first one dose immunization against COVID nineteen. The panel is

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<v Speaker 1>expected to vote that the vaccine's benefits outweigh its risks.

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<v Speaker 1>If that happens, the FDA could grant emergency clearance within days,

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<v Speaker 1>providing a badly needed boost to US vaccine supplies. Biden

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<v Speaker 1>administration officials have said the US expects J and J

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<v Speaker 1>to release three million to four million shots next week,

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<v Speaker 1>assuming it's authorized for use. The company is ready to

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<v Speaker 1>deliver twenty million doses by the end of March. According

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<v Speaker 1>to an executive. Mexico's finance minister said more than eighty

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<v Speaker 1>million people in Mexico should be vaccinated by July. Arturo Herrera,

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<v Speaker 1>the minister, said the figure represents all of the targeted

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<v Speaker 1>adult population. He added that thirty four million people would

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<v Speaker 1>have received their vaccine by April. Finally, California surpassed fifty

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<v Speaker 1>thousand deaths from COVID nineteen, according to data from its

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<v Speaker 1>Health department. It's the first U S state to reach

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<v Speaker 1>that bleak milestone. Almost half of the fatalities have come

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<v Speaker 1>in the past two months, following a winter surgeon cases

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<v Speaker 1>that strained hospitals and lead to lockdowns across the state.

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<v Speaker 1>Since then, the outbreak has eased substantially. While the most

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<v Speaker 1>populous state tops the US in total deaths, on a

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<v Speaker 1>per capita basis, it ranks toward the middle. And Now

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<v Speaker 1>for today's main story, New York City's museums, sports arenas,

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<v Speaker 1>and entertainment venues are slowly coming back to life, but

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<v Speaker 1>the sector has contracted dramatically under the pressure of the

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<v Speaker 1>global pandemic. Jobs and arts, entertainment and recreation fell the

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<v Speaker 1>most of all the city's economics sectors, erasing a decade

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<v Speaker 1>of gains in what was once one of New York's

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<v Speaker 1>most vibrant industries. I spoke to reporter Spencer Norris about

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<v Speaker 1>what that means for cultural institutions and the city that

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<v Speaker 1>was one of the sector's biggest boosters. New York City's

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<v Speaker 1>arts and culture sector has been particularly hard hit by

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<v Speaker 1>the pandemic. You know what kind of numbers are we

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<v Speaker 1>looking at in terms of job losses over the past year.

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<v Speaker 1>UH numbers in this UH, in this sector are pretty devastating.

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<v Speaker 1>From December of two thousand nineteen through to December of

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<v Speaker 1>two thousand twenty, the sector lost about two out of

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<v Speaker 1>every three jobs within the city. About forty six percent

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<v Speaker 1>of those jobs UM were in the Chelsea to Midtown

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<v Speaker 1>High Manhattan area, So area UM likely got hit worse

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<v Speaker 1>than just about anybody else. You know, what was the

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<v Speaker 1>size of the arts and culture sector in New York

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<v Speaker 1>pre pandemic? Right, so pre pandemic. Looking at the end

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<v Speaker 1>of two thousand nineteen, New York accounted for about UM thousand,

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<v Speaker 1>five hundred jobs in the private sector UM with about

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<v Speaker 1>sixty two hundred establishments in the arts, entertainment and recreation industry.

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<v Speaker 1>That's just based on the data that's in front of

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<v Speaker 1>us from the State Controller's office. UM. But like I said,

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<v Speaker 1>about two out of every three of those UM jobs

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<v Speaker 1>have been lost since then, so we're down into the

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<v Speaker 1>low thirty thousand's. And when we're talking about the arts

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<v Speaker 1>and culture sector, you know, let's break that down a

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<v Speaker 1>little bit. What types of jobs are included in that category.

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<v Speaker 1>So the arts, entertainment recreation sector is kind of a

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<v Speaker 1>big umbrellas the name suggests, so in compasses everybody from UM, desbians, musicians,

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<v Speaker 1>but also people like aerobics instructors, bartenders, UM, it really

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<v Speaker 1>covers a lot of different areas of the city. And actually,

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<v Speaker 1>how to reader right into me just about half an

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<v Speaker 1>hour ago, UM pointing out that these numbers maybe don't

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<v Speaker 1>really reflect the degree of the impact UM in his

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<v Speaker 1>particular sector. He works on Broadway, and he pointed out

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<v Speaker 1>that Broadway has been closed down for almost a full

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<v Speaker 1>year at this point. Right, it's a little bit different,

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<v Speaker 1>UM than bartenders and aerobic instructors who have had kind

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<v Speaker 1>of the opportunity to reopen and reintegrate, whereas a lot

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<v Speaker 1>of people who were working in the acting community are

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<v Speaker 1>still just shut out of a job broadly speaking, and

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<v Speaker 1>you know, individual job losses certainly is one big element here.

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<v Speaker 1>But but what about overall businesses operating in this space?

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<v Speaker 1>Do we have any kind of data how many businesses

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<v Speaker 1>within the arts and culture sector have permanently closed since

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<v Speaker 1>the start of the pandemic. Yeah, we do, um So

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<v Speaker 1>as of earlier this month, about um three out of

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<v Speaker 1>every five arts and entertainment businesses have shut down in

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<v Speaker 1>about sixty three of US sports and recreation venues. You know,

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<v Speaker 1>we've heard that Governor Andrew Cuomo is trying to partially

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<v Speaker 1>reopened businesses within the city, particularly within the arts and

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<v Speaker 1>culture sector. You know, what has been thus far cleared

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<v Speaker 1>for reopening and what kinds of restrictions remain in place.

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<v Speaker 1>So the first thing um that comes to mind is

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<v Speaker 1>New York has just reopened dining partially. February twelfth is

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<v Speaker 1>when they allowed twenty five percent capacity back in restaurants.

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<v Speaker 1>But I'm not sure that there's been any kind of

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<v Speaker 1>movement as far as reopening music and entertainment that usage.

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<v Speaker 1>It seems a little too early at this point. But

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<v Speaker 1>there has been discussion about reopening movie theaters with limited capacity.

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<v Speaker 1>That does obviously even with some very gradual steps towards reopening.

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<v Speaker 1>That does leave many many venues and cultural institutions still closed.

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<v Speaker 1>What kind of financial support is available for cultural businesses, um,

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<v Speaker 1>those involved in the arts to draw on during this time. Yes,

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<v Speaker 1>So there have been a lot of initiatives UM at

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<v Speaker 1>the federal level, UM that we're already familiar with, like

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<v Speaker 1>the Paycheck Protection Program UM. So the data says about

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<v Speaker 1>three out of every five arts and entertainment companies in

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<v Speaker 1>the city have already received alone through the p p

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<v Speaker 1>P program. UM. Additionally, there's another federal relief package that's

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<v Speaker 1>in the works UM that will provide fifteen billion dollars

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<v Speaker 1>for these live venues. But that's spread across the entire nation.

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<v Speaker 1>And I mean, in your opinion, you know, what are

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<v Speaker 1>we looking at as far as a runway to bring

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<v Speaker 1>the arts and culture sector back to pre pandemic levels

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<v Speaker 1>in New York City. Yeah, So in terms of reopening,

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<v Speaker 1>is going to kind of come down to how the

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<v Speaker 1>vaccine rollout UM sort of shakes out here in the

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<v Speaker 1>next few months. Uh. There have been issues and handcuffs

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<v Speaker 1>that we've seen involving accessibility to the vaccine in the

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<v Speaker 1>first few months including the ability to get follow up doses. Uh,

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<v Speaker 1>there's kind of a question over where over whether the

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<v Speaker 1>J and J vaccine um will clear up a lot

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<v Speaker 1>of those supply side issues. We're gonna have to see, Uh,

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<v Speaker 1>but it's going to be a matter of months yet

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<v Speaker 1>before um things fully reopen um. God knows when exactly

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<v Speaker 1>that will be. That with Spencer Norris, and that's it

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<v Speaker 1>for our show today. For coverage of the outbreak from

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<v Speaker 1>one bureaus of round the world, visit Bloomberg dot com

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<v Speaker 1>slash coronavirus and if you like the show, please leave

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<v Speaker 1>us a review and a rating on Apple Podcasts or Spotify.

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<v Speaker 1>It's the best way to help more listeners find our

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<v Speaker 1>global reporting. The Prognosis Daily edition is produced by Tophor

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<v Speaker 1>foreheads Magnus Hendrickson and me Laura Carlson. Today's main story

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<v Speaker 1>was reported by Spencer Norris. Original music by Leo Sidrin.

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<v Speaker 1>Our editors are Rick Shine and Francesco Levi. Francesco Levi

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<v Speaker 1>is Bloomberg's head of Podcasts. Thanks for listening.