News
News
The British Film Commission ( BFC ), the UK agency with a remit to attract and support inward investment film and HETV production provided production support to companies responsible for 91 % of the total US inward investment HETV spend , and 94 % of total US inward investment feature film spend in 2024 . This included bespoke support to companies responsible for major film and HETV titles such as The Conjuring : Last Rites ( Warner Bros ./ New Line ), How to Train Your Dragon ( Universal ), House of the Dragon season 3 ( HBO ), Black Bag ( Focus Features ), The Running Man ( Paramount ), Bugonia ( Square Peg UK / Element Pictures ), Peaky Blinders : War ( Netflix ), Citadel season 2 ( Amazon ), Slow Horses season 5 ( Apple TV +).
With total inward investment spend on film increased 83 % from 2023 , the figures reflect that a robust rate of UK production returned in 2024 . A 25 % increase in HETV spend from 2023 reflects some degree of impact from the 2023 US industrial action ; however , shifting market conditions and broader changes to global content commissioning have also provided for a transitional yet positive year for UK production .
Adrian Wootton chief executive of the British Film Commission , said : “ Today ’ s figures reflect the buoyancy and continued growth of our inward investment film and HETV production sector in the UK . After a challenging 2023 due to US strikes , and a slower than expected return to production , these figures reflect the increased inward investment film and HETV production activity we saw in the UK as 2024 gathered pace . So we see 2024 as a transitional year .
“ Looking forward , we ’ re cautiously optimistic . The British Film Commission is experiencing the highest level of inward investment production enquiries for many years . And while we ’ re still waiting for the market to settle , to reach a ‘ new normal ’, we have strong support from UK Government , new and enhanced tax credits - including an increased VFX tax credit and the all-new credit for independent films – a world-class skills base and a UK-wide offer of diverse locations and stage space boasting cutting edge facilities . “ The UK remains well-placed to see a
UK 2024 production spend £ 4.7bn
Official film and high-end TV ( HETV ) production statistics from the British Film Institute ( BFI ) show that production in the UK continues to generate billions for the UK economy .
Recovering from the global impact of 2023 ’ s US SAG-AFTRA and WGA strikes , inward investment in the UK generated by film and HETV production during 2024 reached £ 4.7 billion (€ 5.7bn ), up 43 % from 2023 ’ s figures .
“ Looking forward , we ’ re cautiously optimistic . The British Film Commission is experiencing the highest level of inward investment production enquiries for many years .” competitive share of the global production spend and all signs are that we ’ ll see strong growth in inward investment film and HETV in coming months .”
Ben Roberts , BFI chief executive , said : “ The UK ’ s film and TV industries continue to be a powerhouse for creativity , investment and jobs . After a disrupted 2023 , including the impact of US strikes , production spend rebounded to £ 5.6 billion in 2024 – up 31 per cent on the previous year – demonstrating the UK ’ s strength as a worldleading destination for filmmaking . Wicked , made here in the UK , led the box office , following Barbie ’ s success in 2023 , while independent films like Back to Black and One Life helped grow market share .
“ At the same time , we know these figures don ’ t tell the whole story . The 22 per cent drop in domestic HETV spend is a reminder that many in the industry are feeling the pressure , and what happens next will be critical . Continued investment in skills and infrastructure , alongside strong government support is essential to ensuring the UK remains a magnet for international productions while strengthening our independent sector for the future .”
The UK ’ s seven production hubs across its four nations and regions continue to attract major international film and HETV productions because of their first-class studios , internationally recognised crew and infrastructure , versatile locations and production support . As a result , local economies throughout the UK continue to benefit
through employment of local crews and direct and multiplier spending .
As well as productions using the UK ’ s leading studios and diverse and unique locations , many have also made use of the UK ’ s award-winning VFX and postproduction sector . Multiple projects qualified as British purely through UK VFX and post-production spend in 2024 , including The Phoenician Scheme , Huntington , The Lost Bus , Sierra Madre , The Beast and Trap House .
With the recent increase in the tax credit for VFX spend in the UK - to 29.25 % net rate from 01 January 2025 – productions are now offered even greater incentives to carry out VFX work in the UK . UK VFX costs will also not be subject to the 80 % cap on expenditure in the Audio Visual Expenditure Credits ( AVEC ).
4 EUROMEDIA