Sao Paulo state government gives award to FGV study about economic impact of musical theater
A paper by FGV Projetos titled “Study of the Economic Impact of Musical Theater in Sao Paulo” was the winner of the 2019 Sao Paulo State Arts Awards, in the “Studies and research on culture and the creative economy” category. The winners were announced on January 29 during a ceremony at the Bandeirantes Palace, the home of the state government. Awards were given to personalities who have performed outstanding work in the cultural sector in the last year and over the course of their whole careers, in 15 different categories.
FGV Projetos’ study was developed by Professor Luiz Gustavo Barbosa and commissioned by the Brazilian Musical Theater Society (SBTM). It provided a comprehensive analysis of the strength of musicals in Sao Paulo, for the first time since this sector arose in the state. The study presented some key statistics about this activity within the creative industries and assessed musicals’ economic impact, the return on investment of subsidies, direct and indirect job creation, and tax revenue generation.
“The study shows the economic power of cultural activities in Sao Paulo and recognizes the work of FGV Projetos’ entire team,” Professor Barbosa said.
The study concluded that in 2018 alone, the sector had a total impact of more than R$1 billion (direct and indirect), sustaining more than 12,000 direct jobs (67.5%) and indirect jobs (32.5%), and boosting tax revenue in the municipal, state and federal spheres by more than R$131 million. The study also identified that every R$1.00 of tax breaks for musicals generated a return of R$1.92 (192%) in taxes paid, at the three levels of government.
The full list of winners and honorees can be seen here.