british film bids for growth
The British film industry is seeking new opportunities for growth following the success of inward investment as a result of the Film Tax Credit introduced in 2007.
This comes as a new study of the UK indigenous independent feature film sector reveals that the values of the international sales market on which its financing depends has slumped by 50 per cent since 2007.
As a result, pressures on already modest budgets have increased, particularly for films in the £2-10 million range, where so many of the country’s most successful films from 'I, Daniel Blake' to 'The King’s Speech', are generated.
According to the report, 2016 saw record expenditure on film production in the UK – with the majority of that total (67 per cent) contributed by US Studio films.
UK expenditure from independent films increased year-on-year to reach £523.2 million in 2016,up from £357.2 million in 2015. This was driven by inward investment projects, with expenditure on domestic independent films falling from £187.4 million in 2015 to £185.8 million in 2016. Co-productionspend declined to £33.3 million from £44.8 million in 2015.
Including projects at all budget levels, the number of independent productions also fell to 182 in 2016 although the total may be revised upwards as more information becomes available.
Download the report here.