screen content makes £6bn for UK economy
The combined contribution of film, high-end television, games and animation produced in the UK adds £6bn a year to the country's economy, according to independent estimates.
Helped by tax relief incentives for film, high-end television and animation releases, the UK's screen-based industries are generating significant sums for the Exchequer.
A report by the analysts, Olsberg SPI and Nordicity, calculates:
- the film sector has generated £1.1bn of revenue
- high-end TV has made £249m
- games revenues amount to £429m
- animation has made £52m
The study, commissioned by the BFI, Pinewood Group Plc, the British Film Commission, Ukie and Pact, highlights the growth in activity experienced by the UK film industry, following the introduction of film tax relief in 2007.
The UK's high-end TV sector has shown rapid growth since the introduction of tax relief for home grown and international productions. The tax relief for UK animation has also supported over £50m of production expenditure in its first year of operation.
The authors estimate that for each £1 of tax generates £12.49 of Gross Value Added (GVA) for the UK economy.
More than £425m of private capital investment has also been made in UK production facilities since 2007.
Culture Secretary Sajid Javid pointed to the TV series, Downton Abbey, the Batman Arkham games franchise and the fiming of the next Star Wars film in the UK as evidence that the UK's film, TV and video games industries were "amongst our nation's biggest success stories".
David said:
"This report highlights the incredible impact our creative industries are having on our economy."
Amanda Nevill, Chief Executive of the BFI said:
“This report is yet another positive endorsement of the creative and cultural legacy our screen industries bring to us as nation and the Government’s commitment to supporting an effective fiscal environment."
John McVay, Chief Executive Officer of Pact, said:
“With the much anticipated tax credit for children’s programming imminent, this can only add to further growth.”
Dr Jo Twist, Chief Executive Officer of Ukie, said:
"The games sector clearly makes a significant cultural and economic contribution to the UK. Games development contributed the most in GVA per employee, and these figures, along with our findings from the Nesta-Ukie Map of the UK Games Sector, provide a good benchmark for our fast-growing, innovative, and creative sector.
"We expect to see the sector’s contribution grow further as the Video Games Tax Relief beds in, but in a global marketplace estimated to be worth more than $100 billion by 2017, we need to ensure we remain competitive as a creative nation. We will reach our full potential if we invest in 21st century skills, continue to support the growth of creative clusters around the country, and support SMEs so they can access new marketplaces.”
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