Recent statistics reveal that the UK film industry is the fastest growing sector

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20th September 2017 17:22 - Media and PR

Recent statistics reveal that the UK film industry is the fastest growing sector: The Department for Digital, Culture, Media & Sport has identified the film industry as the fastest growing sector, as currently it contributes to £4.3billion of the UK’s overall economy. Recent statistics reveal that the UK film industry is the fastest growing sector

According to the Office for National Statistics (ONS), from 2014, the economic value of film, TV and music industries increased by 72.4 per cent.  

Detailing the ONS statistics, the British Film Industry (BFI) released a report in August explaining the film industry’s economic growth.

Compared to 2006, film export rates increased by 116 per cent, taking the total industry turnover from £6.8 billion in 2006, to £10.2 billion in 2015.

In short, the report calculates the film industry’s Gross Domestic Product (GDP) by subtracting the 'cost of inputs bought from other industries' from the 'industry’s overall sub-sector turnover figures'.

A breakdown of the sub-sectors’ turnover figures from 2011 to 2015, are as followed:

·       Film production increased from 1,009 (£million) to 2,533 (£million)

·       Post production decreased from 1,421 (£million) to 1,360 (£million)

·       Film distribution increased from 2.592 (£million) to 4,248 (£million)

·       Film exhibition increased from 1,270 (£million) to 1,593 (£million)

In relation to the following statistics, the increase in turnover figures is largely due to distribution turnover, yet film production contributed most to the film industry’s overall GDP, as it accounted for 45 per cent of the gross value.

This could be due to the fact that Hollywood studios have recently chosen to shoot big-budget films in the UK. However, recent releases have significantly contributed to the film’s economy, as films such as 'Wonder Woman' and 'Beauty and the Beast' broke box office records over the summer.  

Chief executive of the UK Cinema Association, Phil Clapp, adds: “UK audiences are responding positively not just to a diverse and high-quality film slate, but also, it seems, to unprecedented levels of investment in all aspects of the cinema-going experience.”

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