INWARD INVESTMENT LIFTS UK FILM OVER £1BN BARRIER
Investment in UK film production grew 14% to £1.075bn in 2013, with £868m of this generated by international films using the UK as their production base.
New tax reliefs for animation and high-end television are helping drive production investment alongside existing film tax reliefs according to the BFI which collated the figures.
Inward investment from international productions accounted for 81% of total production spend and accelerated as the year progressed.
International films investing in the UK included The Man from U.N.C.L.E, Heart of the Sea and Jupiter Ascending for Warner Bros which owns Warner Leavesden Studios, and Muppets Most Wanted, Cinderella and Into the Woods for Walt Disney which has partnered with Pinewood Studios.
This year the international films Star Wars, The Avengers, Age of Ultron, 24 and Gallivant are all due to start production in the UK.
For the first time, the BFI reported data on high end television and animation production. Between April 2013, when the tax relief for these genres was introduced, and the end of 2013, £276m was invested in production in these areas including by international shows such as Game of Thrones and Elementary.
Domestic UK film production was down from £229m to £139m, though the number of domestic films produced (62) was comparable to that in 2012 (65).
2013 was also the third consecutive year that UK box office takings exceeded £1bn, though the total of £1.08bn was down 1% on 2012 which was boosted by Skyfall, the highest grossing film in UK box office history.
Published: 6 February, 2014.