Investment in UK film production rises by 14%
Investment in UK film production has risen by 14% in 2013 reaching a staggering £1.075bn. The increase, a new BFI statistical report shows, has been boosted by investment from international films.
No less than £868m of the total production spend was generated by 37 major international films making the UK their production base.
Inward investment from international film productions accounted for 81% of spend in the UK and increased as the year progressed. Film London, the capital's film commission, recently indicated to The Knowledge that 2014 would be an extremely busy year with international productions exceeding even the 2013 bumper figures.
The impact of the UK's new tax reliefs for high-end television and animation programmes was also clear to see - within nine months of taking effect. The measures delivered over £276m to the UK economy.
UK cinemas also showed a positive result with total box office takings topping £1bn for the third consecutive year. The market share for UK productions at the box office was 21%. Les Misérables was the highest grossing film taking home £41m.
Of all the independent releases, Philomena was the biggest grossing UK film of 2013, taking almost £11m.
Overall the figures indicate that the UK film industry is making a significant contribution to the UK economy. And the new tax reliefs for high-end television and animation programmes are helping to drive production investment alongside the existing film tax relief, which is worldwide considered to be one of the most competitive in combination with Britain's great variety of locations and high production standards.
"Film and television is a global business and these statistics show a vibrant and dynamic picture, demonstrating that the UK is a leading international player in this sector," Amanda Nevill, CEO of the BFI said.
Looking at the future she added: "We are actively engaged with government and all our partners in programmes to capitalise on all the opportunities for further growth in established territories such as the US and Europe, and the important emerging territories such as China and Brazil."