Television and Film Might Take a Hit Because of Brexit
Emily Buder wrote an article for NoFilmSchool called “3 Ways Brexit Could Devastate the Movies,” which intrigued me. The secession from the EU will have many impacts and apparently some of those could be on the movie industry. Here are the three reasons:
1. There will be fewer European co-productions.
- Co-productions are great because they create cultural diversity. One production isn’t taking on all of the financial risk. Co-productions can receive aid of up to 60% of the production budget.
2. There will be a decline in British cinema—both in quality and quantity
- Creative Europe Media, the EU-supported film and TV financing program responsible for 26 films that played at Cannes this year, contributes a significant amount of money to British filmmakers. Without those finances, British cinema will likely experience a decline in production value.
3. The UK may no longer be a top international filming destination
- With less valuable tax incentives and thus fewer production facilities in the UK, American productions set on UK soil will also have to deal with the effects of Brexit. Shows like ‘Game of Thrones’ and movies like ‘Star Wars: The Force Awakens’ were filmed in the UK and accounted for the majority of UK production spend, saving American productions millions of dollars.
It will likely prove devastating for many in the industry. If you are looking for more details about the effects of Brexit, you can read Buder’s full article HERE. She includes a fascinating PDF regarding Europe’s film industry, which is also a good read.
Let’s hope for the best for the country’s industry.
Post by Katrina Faust
award winning digital video production facility
located in Bordentown, New Jersey