Production spend in the UK high-end TV (HETV) and film industry will reach a record £6.3 billion ($7.8 billion) by 2022, according to BFI statistics released today.
This was £1.8 billion more than before the 2019 pandemic and £600 million more than last year’s previous record of $5.6 billion.
Inward investment accounted for 86% of the total (£5.4bn) as international streamers and studios continue to invest in UK film and television production hubs. The figures from the BFI also show a gratifying increase of more than 50%.
HETV again contributed the largest share of spend (£4.3bn) – 69% of total spend in 2022. Feature film production brought in almost £2bn, a welcome 27% increase over 2021, despite investment in independent films with 31% to 31% 174 million.
HETV figures include £938.8m from a wider range of ‘movie’ productions made for streaming platforms.
Domestic production spend for HETV was £632.7m, 15% of total TV production spend and 31% higher than before the pandemic in 2019. Co-production spend tripled to £36.5m, but still makes up just 1% of total spend.
The £4.3bn HETV released was the second highest on record, just 3% down on the £4.4bn in 2021, when the industry saw a post-pandemic production peak (figures have been revised since the release of the official statistics updated from last year). To put this in context, the figure for 2022 is 88% compared to 2019 (£2.3 billion). Some 195 HETV projects started principal photography last year, of which 55% were foreign investment, 41% UK domestic projects and 4% co-professionals.
Domestic investment accounted for 88% (£3.6 billion) of HETV’s total, more than double 2019, but again 3% lower than 2021. Including productions The Lord of the Rings: The Rings of Power season 2, slow horses season 2, big boy season 5 & Bridgeton Season 3. Key domestic HETV revenue-generating productions include ITVXs stone house And nothingthe BBC Doctor who and Sky’s I hate Susie too.
Domestic investment in films contributed £1.7 billion, accounting for 88% of total film production and up 31% on 2021. However, local indie films continued to falter, with local UK films accounting for just 8% of total film spend on their accounting – down 31% from 2021. Total co-production spend up 3.5% to £59.1m.
box office
UK and Ireland box office receipts surge to £945m, up 57% on 2021 Top Gun: Maverick, Avatar: The Way of Water (to be published) and Doctor Strange in the multiverse of madness one of the most successful films.
Top Gun: Maverick Taken in £83.7m, 9% of the total domestic box office. The top 20 films of the year earned a combined £644.6 million (67% of the total). This was 46% more than the 2021 top-20 led No time to die (£98 million). Sequels or franchises accounted for 12 of the top 20.
The top 20 indie films earned £69.2m, 92% of the total box office of all independent UK films released. Belfast awarded £15.6m followed by The Banshees by Inisherin (£9.3 million).
“Today’s record figures for UK film and television production are good news for our industry and the UK economy and underline the success of our industry on a global scale,” said Ben Roberts, CEO of BFI. “Our world-class talent, craft and production services, together with important film and television tax credits, have enabled the UK to become a key player in a highly competitive global industry. Further investment in expanding studio space in the UK to meet production demand will build on this commercial success and create more jobs.
“Seeing audiences return to movie theaters after the pandemic for Top Gun: Maverick, Matilda the Musical by Roald Dahl and independent films such as Belfast shows that cinema and the cinematic experience are very important to people. But while British independent films like After sun And The Banshees by Inisherin enjoys acclaim and critical acclaim around the world and is clearly vital to the creativity of our industry and British culture, the continued decline in UK indie film production spending means that we must follow the recommendations of the Economic Review of UK Independent Film to ensure that they survive and thrive.”
The figures are a boon for the UK industry, which faces a tough outlook as rising costs, changing viewing habits and global factors such as war combine to create a challenging growth market.
Source: Deadline
Bernice Bonaparte is an author and entertainment journalist who writes for The Fashion Vibes. With a passion for pop culture and a talent for staying up-to-date on the latest entertainment news, Bernice has become a trusted source for information on the entertainment industry.
