The top 50 UK film and TV companies have seen their turnover rise by 15.4 per cent in the last year to £8.1bn, as streaming giants’ insatiable demand for content drives growth in UK studios.
The research by business advisory firm BDO said that British companies are benefiting from the increasing need to attract more subscribers.
Amazon Prime recently stated that the location of its Lord of the Rings prequel would switch from New Zealand to the UK.
New streaming services, like Nordic Entertainment ,which is set to launch in the UK in 2023, are also set to join the established market heavyweights to buffer British talent and creatives.
Peter Smithson, Head of Film & TV at BDO, predicted “this demand is likely to be sustained for some time yet”, despite pandemic concerns.
Smithson also noted that the masses of new subscribers gained during the lockdowns have meant that platforms like Netflix have “tremendous amounts of capital” to spend.