Independent Film Business in U.K. Heading for ‘Market Failure,’ Says Producers Body
variety.comK.J. Yossman The U.K.’s independent film sector is heading for “market failure” due to industry conditions and inflation, producers body Pact has said.
Pact, which represents a range of indie production companies, made the alarming assessment in a response to the U.K. government’s consultation on film and high-end TV. “The U.K.’s independent film sector is struggling and is now at the point of market failure,” the trade body said in their written evidence to the government’s Department of Culture, Media and Sport, who have organized the consultation. “Challenging market conditions, increased cost of talent and crew and changing viewing habits have made it increasingly difficult for indie films to compete with HETV [high-end TV] and big budget U.S.
Studio films.” Pact continued that “without urgent Government intervention the sector will no longer be viable, impacting the talent pipeline and jobs across the indie film sector and the wider audiovisual economy.” The decline in indie films, they say, is a result of difficulty in securing finance and the “slow return” of audiences to cinemas.
They propose upping tax relief to 40% for films with a budget of between £1 million and £15 million to help the sector. Pact are among a number of U.K.
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