The latest BFI statistics suggest that Britain’s Age of Peak TV is over

The era of top-flight television in Britain may be over, or at least on the wane, the latest BFI statistics suggest.

After a year in which many big productions incl Bridgerton, Lord of the Rings and that of Apple TV+ slow horses Cameras were rolling, but high-end TV spending still fell 4% from last year’s all-time high to £4.3 billion ($5.3 billion). Both overseas investment – shows commissioned by non-British actors – and UK domestic spending fell by a similar amount, with the former accounting for 84% of the total.

While the drop is small, the news comes as a surprise to a booming industry that saw a mega-surge of 155% in 2021 and now accounts for a much larger share of the TV/movie pie. The slight drop contrasted with a strong year for film, which saw spending grow by as much as 27%, although domestic indie films continue to struggle.

Spending on high-end TV fell sharply in 2020 due to the Covid-19 pandemic, but has steadily risen each year before as US streamers expand their presence in the UK and capitalize on the country’s buzzing peak. end of the tax credit.

Shows that went into production in 2022 are also included Doctor whoNetflix final season of big boy and the ITVX tentpole with Helena Bonham Carter nothing

Observers will now wonder if the decline is a sign of things to come. As the world descends into recession, buyers around the world have already started talking about “tightening their belts” and the new wave of streamers who have shown such a penchant for throwing money at international content is fighting back.

A number of big-money studio spaces have sprung up in the UK over the past year, and while BFI chief executive Ben Roberts praised “continued investment in expanding studio space in the UK to meet demand”, bosses at these new outposts be nervous to look at today’s ERI statistics.

Also notable about this year’s results was a tripling of co-production spending. As buyers look for funding, early-stage projects are more likely to have to seek out multiple producers or co-customers, and that’s been a constant source of chatter in the big TV markets lately.