The Current Scenario and Challenges Faced by the UK Film Industry
The UK film fraternity has been constantly dealing with a plethora of changes happening in and around it. From Brexit to entry of the high-end video streamers such as Netflix, the entertainment industry is faced by various factors that impact its revenue. Films and TV contribute heavily to the UK’s GDP and is also a big source of employment.
Even the gambling market in the UK has undergone several changes; some for the good while some not so profitable for the gaming industry. Games themed on popular movies and characters are quite a hit across all genres of players and the market collects big revenues. For instance, theonlinecasino.co.uk/ attracts a large gambling population to its site. Experts say that the UK film industry has the potential to take the creative industry to the next level.
Core aspects that may impact UK films
Brexit changed the financial positioning of the UK where the country has been facing a weakening currency as compared to the US Dollar and Euro. Although the positive aspect of Brexit is that it opened gateways of trading with several developing counties for the nation, the threat of not being recognised as a part of Creative Europe continues for filmmakers. Economists say that it’s indeed an opportunity for the international investors to invest at a lesser cost with Pounds going down.
Not a glorious year 2018, the country witnessed ups and downs in film distribution with some independent distribution houses closing down. The staggering low overheads was a common reason for most of the companies shutting down.
Critics say that the UK’s screening of movies at the Cannes in 2018 wasn’t appealing as not even a single nomination was from a UK filmmaker. The industry hopes for a better show in 2019. Beyond Cannes, there’s the World Cinema Documentary, Spotlight, Kids Programmes and a few other genres where it can grab the spotlight.
How online streaming affects the business?
Who can deny Binge-watching when it comes to Netflix and with the company’s swanky office established in London for operations; the streaming giant has been exploring avenues of setting up a production house in the UK. With high-budget films and TV productions already on their list, association with Netflix appears to strategically improve the industry. Apple and Amazon’s growing interest in UK based production is also going to fuel the business.
Unpredictably, some movies such as Incredibles 2, Black Panther, and Avengers: Infinity War and a couple of other titles have boosted the UK banner box office. An array of films expected to be released around Christmas are being eyed to bring in more revenue than that collected over the last 4 decades. Some titles powered by Disney such as Frozen 2, Aladdin, Toy Story 2 could make it big!
Despite the winds of uncertainty hovering over the UK with Brexit, the film productions in the UK is unlikely to face any loss as the tax credits attract Hollywood and other companies to the UK. With Disney, Warner Bros and other eminent studios, there’s a lot more entertainment you can expect from the UK.