The Impact Of The Coronavirus On The Service Industry - A Case Study Is Through On The Example Of A Hungarian Band

The dominance of the service sector is now unquestionable worldwide. In developed regions, its share in gross domestic product (GDP) and employment is around 70%. According to the European Central Bank, its share in the euro area in 2018 was 73.9%, in US was 80,2% and in EU-28 was 70,4% (ECB, EUROSTAT, 2020). The rise of services goes hand in hand with economic development (Szalavetz, 2008). Regarding the Hungarian data, in 2019 services accounted for 55% of GDP (including trade, vehicle repair, accommodation services and hospitality, totaling 11.3% last year) and received 65% of employment. The 5.1% increase in GDP last year was driven by the 3.5% increase in services, of which trade, accommodation and food service activities (11%) saw the largest growth (KSH, 2020). Due to the coronavirus, economic growth will decline in 2020, but the rate of decline is not predictable yet. Due to the limitation of personal contacts, the first affected group is service providers, which is why this study examines this sector, including one of the important segments of services, the music industry. In our study, the economic impact of the coronavirus is presented through the example of a Hungarian club band.