Industry news June 2024

Mostly good news, for once.

UK spend for film productions for the first quarter (Q1) of 2024 was £211m, 45% lower than the £381m reported in the first three months of 2023, according to figures published by the British Film Institute (BFI).

For Q1 2024, the total number of films that started production was 22, which is 19 fewer than the 41 reported for Q1 2023 at this stage last year.

During the latest 12-month period (April 2023 to March 2024), 183 films began principal photography, with a total UK production spend of £1.2bn. This is a 25% drop from £1.6bn seen in the previous 12-month period.

There are more positive indications within the figures for high-end TV (HETV). Thirty-seven HETV productions began principal photography in Q1 2024 with a total UK spend of £691m, an increase from £549m reported in the Q1 2023 official statistics release. The Q1 spend on inward investment and co-productions was £593m (86% of the total) and domestic productions accounted for £97m.

Between April 2023 and March 2024, 172 HETV productions started principal photography. This is 53 fewer than in the previous 12-month period. Total HETV production spend was £2.75bn, the third highest since the introduction of the HETV tax relief in 2013. It is 36% lower than the previous 12-month period but 9% above the pre-pandemic high of £2.53bn reported for 2019/20.

Inward investment production accounted for £2.03bn (or 74%) of HETV UK spend in 2023/24, a 45% decrease on the record high of the previous rolling year.

UK spend on local HETV productions was £686m, or 25% of total spend. This is the second highest on record, showing a 19% increase on the previous 12 months.

UK spend associated with co-production was £39m, accounting for 1% of the total. This is a 40% increase from 2022/23 and is the highest UK spend since the introduction of the tax relief in 2013.

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Alexander Morton