UK Production Spend Hits Highs In 2016; Inward Film Investment Reaches $1.7B

The strength of a UK’s prolongation zone — from studio comforts to learned crews and a film and TV taxation credits accessible — gathering altogether spend on film to a record £1.6B ($2B) in 2016. Of that, £1.35B ($1.7B) came in a form of central investment, an 18% boost on 2015. In a TV sector, unfamiliar productions entrance in spent £478M ($603M), also a record. The sum were expelled currently as partial of a BFI’s annual statistics news that also covers box office.

While Hollywood took a strike in a latter half of 2016, after a Brexit opinion sent a bruise plummeting, internal banking turnstile earnings were £1.227B, a 2nd top year on record. In serve covenant to a health of a UK’s prolongation business, a top-three grossing pics — Rogue One: A Star Wars Story (£64.3M), Fantastic Beasts And Where To Find Them (£54.3M) and Bridget Jones’s Baby (£48.2M) — were all finished in Britain. Studio-backed UK-made films had a 27.5% share of a box office.

The top-grossing UK indies were Absolutely Fabulous: The Movie (£16M), Eddie The Eagle and Dad’s Army (£8.7M each). UK indies picked adult 7.4% of a altogether box office.

Total sheet sales for a UK and a Republic of Ireland were value £1.33B (up 1.5% on 2015), nonetheless admissions showed a 2% dip.

The vital central investment opposite film came from such pics as Disney/Lucasfilm’s Star Wars Episode VIII: The Last Jedi, Warner Bros’ Christopher Nolan WWII pretension Dunkirk and WB’s Justice League. The latter holding advantage of Warner’s Leavesden Studios while a Star Wars cinema are set adult during Pinewood.

Conversely, a 129 domestic UK films finished in a UK in 2016 spent £206M, a dump of 8% on 2015. However, a BFI cautions that since of a reduce bill inlet of many indie titles, there is mostly a time-lag in information collection so a sum series of films and UK prolongation spend will expected be revised upwards.

With a continued reduce turn of a pound, a UK increasingly becomes some-more fiscally attractive. In a curtsy to Brexit, Minister for Digital and Culture, Matt Hancock, pronounced today, “Britain stays open for business. With central investment levels for film and radio during new highs, we will continue to build on this extensive success, forging a tellurian Britain that stays a core for attracting and building a world’s best artistic talent.”

Amanda Nevill, CEO of a BFI, echoed that sentiment, “Today’s statistics uncover that UK film is open for business and a position as a tellurian personality for film and TV prolongation is stronger than ever… Nevertheless, as set out in a 5 year plan BFI2022, there is most to be finished to safeguard British eccentric films are means to improved gain on opportunities in this economically and creatively expansive environment.”

There was also poignant expansion in spend from general high-end radio prolongation in 2016, with an 11% burst from 2014. Programs finished in a UK in 2016 embody a second deteriorate of Netflix’s The Crown and a seventh deteriorate of Game Of Thrones. These have been means to take advantage of a remunerative UK TV taxation credit that was implemented in 2013.

If a continued expansion has a downside, it’s that studio space has turn an issue. There are several projects being examined to grow comforts and stages. Pinewood is expanding, while Extraordinary Studios is eyeing a Dorset outpost and London Mayor Sadiq Khan is looking during a probability of a new film and TV studio in a capital.