Netflix drove UK’s TV production market to reach £2.7bn last year
The US-based media and e-commerce companies, Netflix and Amazon, have been attributed for the record-high revenue made in the UK’s TV production industry.
The market’s overseas commissioning value rose by 19% compared to the previous year to hit £150 (US$192.4mn), according to the Producers Alliance for Cinema and Television (Pact).
The revenue has been credited to shows that are watched on Netflix and Amazon Prime, such as The Crown, Black Mirror, and The Grand Tour.
The sector’s annual revenues rose to £2.7bn ($3.46bn) in the review period – an increase of almost a third over the previous 10 years.
TV production has increased at 1.9% per year since 2012, at approximately £50mn ($64.13mn) annually on average.
International revenue, which has more than doubled between 2010 to 2018 from £389mn ($499mn) to £802mn (1.03bn), has pushed this growth.
UK TV programmes such as Victoria, Sherlock, and Midsomer Murders have grown in popularity abroad and helped figures rise.
“The indie TV sector has seen impressive growth in the past decade which is being driven by international revenue, and in particular commissions from overseas companies,” remarked John McVay, CEO of Pact.
“It’s fantastic that British content is sought after around the world and that it contributes so much to the British economy”.
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