Things are looking up for the UK film industry as the demand for
streaming services also fuels the demand for more studio space.
A bright future for UK film industry
With the continued growth of the UK film industry, it is not hard to see
how this sector has been able to make a huge impact on the global market.
Over the past decade, many different productions have been churned out from
British soil and have managed to win awards as well as gain critical
acclaim. Between 2006 and 2016, films made in the UK generated more than £11
billion for the economy. The British Film Institute recently revealed that
the annual economic impact of
film is now valued at close to £3 billion a year
– which is over 5% of GDP. The fact of the matter is that the UK film
industry has for decades punched above its weight, churning out some of the
best sounds and images ever committed to reels. Stanley Kubrick’s 2001: A
Space Odyssey,
Danny Boyle’s Trainspotting and its sequel, and let’s not forget the 007 adventure that started it all, Dr. No.
Whenever the Brits have collaborated with the Yanks, the outcomes have also
been fantastic; the Harry Potter series along with the Chris Nolan-directed
Batman trilogy are a testimony to this fact.
Against all odds
It might seem hard to be fathom the idea that the UK film and TV industry
is gearing up for a bright future. After all, the global health crises has
just about killed off all cinema business while placing major restrictions
on the production of films. If there’s one film industry that hasn’t taken a
knock, it’s the streaming giants
such as Netflix, Disney+
and Amazon Prime. More time on the couch has nurtured a demand for more content to consume,
and this in turn has shifted the focus of many developers towards this
streaming boom. It’s often been said that there’s opportunity in every
crises and this notion has been personified by opportunistic developers who
have started investing hundreds of millions of pounds into the construction
of Hollywood-style studios in the United Kingdom. Towards the end of 2020, a
£300m deal between Barking and Dagenham council
was struck to erect a studio in east London that is predicted to kick off
film and TV production by mid-2022.
Vision, ambition & insight
The fact of the matter is that even before the global health crises, the UK
was serving as a beacon of high quality film production and only expanding
upon its capacity to create quality content. This is why Darren Rodwell, the
head of the Barking and Dagenham council, had spent more than 4 years to get
the project off the ground. Such ambition clearly displays a level of vision
and insight, not demonstrated by many. And while cinema chains as of late
have slowly begun to ease up, it hasn’t taken away from the fact that the new studio system instilled
by the steaming giants is here to stay and is driving the demand for studio
space. Rodwell is not alone in his quest to capitalise on the new investment
opportunities brought about by the streaming giants. Other developers are
also looking to close deals and cash in on the demand for studio space.
Business begets more business; it’s systemic, and thus the opportunities are
not limited to developers who want to turn the UK into the new Hollywood,
but also by investors
looking to buying shares in the industry
with regards to the various streaming giants. Netflix is constantly running
ads on YouTube enticing regular members of the public to invest in it, and
now it looks like everyone is starting to pay attention, not just
investors.