Study on economic impact of musical theater is finalist in Sao Paulo State Arts Awards
A paper by FGV Projetos titled “Study of the Economic Impact of Musical Theater in Sao Paulo” is among the finalists of the 2019 Sao Paulo State Arts Awards, in the “Studies and research on culture and the creative economy” category. The winners in the awards’ 15 categories will be announced on January 29, at a ceremony at the Bandeirantes Palace, the home of the state government.
The study, produced by Professor Luiz Gustavo Barbosa of FGV Projetos and cultural producer Stephanie Mayorkis, provides a comprehensive panorama of the strength of musicals in the state of Sao Paulo. As well as the economic impact of musicals, the authors evaluated the return on investment of culture subsidies, direct and indirect job creation, and tax revenue.
The authors concluded that in 2018 alone, the sector generated more than R$1 billion, sustained more than 12,000 direct jobs (67.5%) and indirect jobs (32.5%), and raised tax revenue in the municipal, state and federal spheres of over R$131 million. The study also identified that every R$1.00 of tax breaks generated a return of R$1.92 (192%) in taxes paid.
The Sao Paulo State Arts Awards were created in 1950. This year, the winners will receive a trophy and a prize of R$30,000. There are 15 categories in all. The winners are chosen by members of the State Council for Culture and the Creative Economy, the State Council for the Defense of Historic, Artistic and Touristic Heritage (CONDEPHAAT) and the Project Analysis Commission of ProAC Expresso ICMS (a state government program allowing companies to allocate some of their taxes to cultural projects), as well as the culture secretaries of the 645 municipalities in the state of Sao Paulo.
For more information about the awards, click here.
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