Investment into the UK hub of film and TV production has accelerated to £1.9 billion in 2017.
Following the production of films such as Solo: A Star Wars Story, Jurassic World: Fallen Kingdom, Dumbo, Fantastic Beasts: The Crimes of Grindelwald, Tomb Raider and Ready Player One the UK inward investment on feature films has risen 12% from the previous year.
The latest figures were released by the British Film Institute on Wednesday and also show a rise in cinema admissions, reaching 171 million (A 3.7% increase on 2016).
Offering comment on the figures Digital and Creative Industries Minister Margot James said:
“From Star Wars to The Crown, the UK is a creative powerhouse for developing many award-winning films and shows enjoyed by millions globally. We have world-class studios, a talented workforce and highly competitive tax reliefs, and these fantastic stats show investment in our screen industries is booming.”
Amanda Nevill CBE, CEO of the BFI, comments:
“Once again, film and high-end TV surpass expectation, and records are broken, with a staggering almost £3bn spent on film and high-end TV production in the UK. Film and TV is a consistently growing industry, and doing so at speed – collectively up 11% from last year – outstripping most other sectors. Productions such as Star Wars: The Last Jedi, Paddington 2 and Game of Thrones deliver new employment opportunities for everyone, with every conceivable skill required, from special effects designers to costumiers, accountants and drivers. What’s more it creates the most potent export to showcase the UK and our innate creativity and is a powerful and timely reminder of the UK as a major global player.”
The figures depict a very positive trend for the UK’s film and TV industry, and one that is likely to continue throughout the coming years as the Government looks to solidify the sector which is proving both profitable and world-leading.