Following the UK vote to leave the EU many have been left anxiously watching the economy and expecting the worst. However, with the massive successes of box office hit Star Wars, Adele’s latest album and the global demand for UK television productions such as Victoria, the government and economy are thanking the UK’s creative industry for the robust GDP growth seen since the EU referendum.
The second half of last year saw the UK film, TV and music industry boom showing almost 11% growth within the six months. The film industry alone, accounted for half of all growth in the key services in December 2016; which is 80% of the British economy! The UK produced Rogue One: A Star Wars Story and the JK Rowling film Fantastic Beasts and Where to Find Them are both recognised as massive contributors to Decembers success.
A golden age of investment for the TV production industry has began since the arrival of Netflix, welcoming big-budget TV shows such as the £100million royal series The Crown.
Film in 2016
2016’s three biggest grossing films: Rouge One, Fantastic Beasts and Bridget Jones’s Baby, are definitely to thank for driving the UK to a near-record box office take with ticket sales of almost £1.3billion.
The introduction of 25% tax breaks for foreign film-makers over a decade ago, has lead many to choose the UK as the ideal place to shoot a blockbuster hit. For instance Star Wars: The Last Jedi, Ridley Scott’s Alien Covenant and Christopher Nolan’s Dunkirk all produced in the UK and funded by US money.
A record-breaking £1.6billion was spent last year on producing films within the UK. Of that, £1.35billion is recognised as foreign investment from mostly US studios.
Television in 2016
With the release of TV giants Netflix and Amazon, along side the film industry tax break for television shows costing over £1million an episode, a huge boost has been seen in the UK’s television production industry.
In 2013 foreign investment in television production was recorded at £252million. This figure has almost doubled, taking in £500million during 2016.
The UK’s TV industry is also booming from the sales on internationally Broadcasted home-grown shows such as Downton Abbey, Victoria, Sherlock, Top Gear and Come Dine With Me. Sales to China saw a rise of 40% in china and a 16% rise in the UK’s biggest market: the US.
Music in 2016
For year the music industry economy has been under threats due to falling CD sales and piracy. 2016 saw the music industry is back to good health due to streaming networks such as Spotify, Apple, Deezer and Tidal, jumping 65% to a value of £418million. This is just behind the UK’s physical sale intake of £475million.
The UK’s live music sector also displayed growth in 2016 of 37% from £662million to £904million.