English Arts Sector Set For $567 Million Boost in 2021 Budget
Naman Ramachandran, provided by
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U.K. Chancellor of the Exchequer Rishi Sunak will pledge a total of £408.8 million ($567 million) to the beleaguered England arts sector in the upcoming annual budget on Wednesday.
In July 2020, the U.K. government had announced a £1.57 billion ($1.9 billion) lifeline support package, the Culture Recovery Fund, for the sector, which has been decimated by the coronavirus pandemic.
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Now, as the U.K. is poised to begin easing lockdown, the Chancellor will add a further £300 million ($416 million) to the Culture Recovery Fund. In addition, £90 million ($125 million) is expected to be granted to national museums and cultural bodies and a further £18.8 million ($26 million) towards community cultural projects.
China s Bilibili Focuses on Growth as Losses Double
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Chinese video entertainment platform Bilibili saw its losses deepen in 2020, but they reflected further investment in growth, as Middle Kingdom consumers become increasingly digitally focused.
Average monthly active users (MAUs) reached 202 million representing an increase of 55%, compared with 2019. Those paying for use reached 17.9 million, a 103% increase.
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Bilibili’s total net revenues were RMB3.84 billion ($589 million) in the calendar year, an increase of 91% from the same period of 2019. Net losses extended from RMB1.3 billion in 2019 to RMB3.1 billion ($468 million).
But investors appeared to buy the growth story. The NASDAQ-listed company saw its ADR-shares dip before the results announcement, but the stock gained nearly 4% to $131.88 in after-hours trading. At that price, Bilibili has a market capitalization of $45 billion.