UK reveals record $7.6 billion spent on film, TV production

To cheer the UK entertainment business, spending on luxury film and television production in the UK will reach more than £5.64 billion ($7.65 billion) in 2021, 1.27 billion more pounds compared to the pre-pandemic year 2019.

Official figures released on Friday by BFIThe Statistics and Research Unit reveals that film production will reach £1.55 billion, up 3% in 2020, while high-end TV production will rise to £4.09 billion, almost double the previous level. pandemic 2019. The second figure includes £737 million from films made for streaming platforms, spread across 36 domestic productions and domestic investments.

Foreign investment and co-productions of high-end movies and TV shows accounted for £4.77 billion, or 84% of production costs. Of this, premium TV accounted for £3.44 billion, or 72 per cent of total combined spending, and feature films contributed £1.33 billion, or 28 per cent of total spending. Inside investment film spending of £1.27 billion has fallen by 4% in 2020, but the report notes that some films starting production in 2020 will continue to be produced in 2021. and their spending is included in the 2020 statistics.

The number of films that will be produced in the UK in 2021 is 209, 75 more than in 2020 affected by COVID.

At the box office, the two highest-grossing films of the year, “There’s no time to die‘ and ‘Spider-Man: No Way Home’ had a combined total of £181m, representing 30% of the year’s total. ‘No Time To Die’ is the third highest-grossing film of all time in the UK and Ireland at £96.6m, behind another Bond film ‘Skyfall’ (£102m) and ‘Skyfall’. Star Wars: The Force Awakens” (£123 million).

Total viewings for 2021 are at 74 million, up 68% from 2020. Total box office receipts by all films released in the UK and Ireland in 2021 are £602 million, up 144% from the figure. £247 million in 2020. Pre-pandemic box office revenue in 2019 was £1.3 billion.

Eligible UK films, including “No Time To Die”, have 41 per cent of the box office market share compared with 46.5% in 2020, while 36.1% are taken by studio-produced films. American-backed films, this is the highest market share recorded. This leaves the equilibrium market share for UK independent films at 5%, down sharply from 14% in 2020. However, the total box office receipts for UK independent films, however. were relatively the same compared with the same period last year, with a total income differential of less than £4 million, the BFI report noted.

UK Culture Secretary Nadine Dorries said: “It is fantastic to see both the record spending on film and television production in the UK and the return of audiences to cinemas. We have supported the industry through the pandemic, and these stellar numbers highlight how important the industry is to our economy.”

Ben Roberts, BFI CEO said: “The record-breaking levels of film and TV production in the UK revealed today are good news for our industry and the UK economy. at the same time demonstrating the recovery speed of the industry. The foundation for further growth is being done with the expansion of studio spaces and production hotspots across our countries and regions, and working with industry to build the workforce. skilled labor that we need to meet demand and stay ahead of our game. Government support for production with tax breaks for the screen sector and the Film & Television Production Restart Scheme have played an important part in the growth and recovery of the industry. “

“The Cultural Restoration Fund has been a lifesaver for independent cinemas and it’s great to see audiences return to the big screen with Bond and Spider-Man leading the way with phenomenal success and indie films. The UK, such as ‘Spencer,’ offers a wide range of cinematic stories,” added Roberts.

Adrian Wootton, chief executive of the British Film Commission, said: “The UK is enjoying once-in-a-generation production growth. The benefits are being felt across our countries and regions, with the large-scale investment in infrastructure and revenue into UK plc benefiting communities directly. local. Existing manufacturing hubs are growing to meet demand and new hubs are growing across the UK, providing them with thousands of new jobs. BFC is proud to have provided support to projects and companies that will account for 94% of all premium TV spending invested in the country and 90% of movie spending invested in the UK by 2021. Myself and our partners are determined to tap into this phenomenal demand and support an ever-expanding workforce to produce world-class content for a global audience. ”

https://variety.com/2022/film/global/uk-film-tv-spend-2021-bfi-report-1235172074/ UK reveals record $7.6 billion spent on film, TV production

Olly Dawes

24ssports is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@24ssports.com. The content will be deleted within 24 hours.

Related Articles

Back to top button