Although the plunging value of the pound could mean big bucks for the UK film and TV sector, the trade association Pact warned that the industry must do more to keep up with this demand.
It comes after Adrian Wootton, the chief executive of the British Film Commission (BFC), told the Guardian that demand for British production is stronger than ever before, with the dwindling currency causing an even greater boom from overseas.
“We could go to £7bn or £7.5bn inward investment annually by 2025, and that is not including increases in spend by the domestic TV and film market [£870m in 2021],” he told the paper.
Jeremy Rainbird, the co-founder of the Creative District Improvement Company, said that the sector would be “rubbing” its hands together with the state of the pound versus the dollar.
However, chief of Pact John McVay told City A.M. that more needs to be done to harness this flow of cash and opportunity.
“It’s not just about investment, it’s about having a proper labour market strategy,” he said, emphasising the importance of investing in skills and accessibility in production.
He emphasised that focus should be placed both in front and behind of the camera, investing in audio and visual training for young people, as well as the arts more generally.
Real estate giant Knight Frank recently said that the UK must double its production space by 2026 in order to keep up with soaring demand for space across the South.
According to its latest research, the UK will need an additional six million square ft of space to meet the demand of streaming giants.
Netflix, Amazon Prime Video and Disney have all pledged millions in investment across major studios.
The culture secretary Nadine Dorries said at the time that the multimillion-pound long-term contract by Prime Video in Shepperton was a “huge vote of confidence” in the sector.