Wednesday 9 March 2011

Pinewood pledges a four-a-year habit

Following the decision to abolish the UK Film Council, a major source of funding for British film projects, it seems that th private sector is stepping in. Leading British studio and film service provider Pinewood Shepperton plc is reportedly promising to target films with production values upward of £2m, pledging to invest equity up to 20 per cent per film. According to its press release:
...  In addition to any expected return from this investment Pinewood will also benefit from these films using latent studio capacity at its sites and the expected take-up of ancillary services at the studios. This arrangement will also bring fiscal benefits to the Company in its role as a supporter of British film productions. It is anticipated that Pinewood will invest in four productions annually, which will be selected by industry partners on behalf of the Company. 
This move by Pinewood is consistent with the Government’s stated aim to create a sustainable long term British film industry. 
... Rt. Hon. Jeremy Hunt, MP, Secretary of State for Culture, Olympics, Media and Sport added:
“We are delighted that Pinewood is showing its support for smaller British film productions. As the recent success of The King’s Speech demonstrates, smaller British films have the potential to become smash hits globally and any support that the industry can offer producers, we welcome. This new private sector investment is a sign of confidence in the Government’s film policy. Pinewood has a long heritage as a centre for film making excellence and with this announcement, demonstrates that it continues to sit at the heart of the British film industry.”
IP Finance is delighted to see money being invested in the film sector, particularly at a time when so many commentators have, quite reasonably, questioned the continued vitality of a business model that is prey to competition from counterfeits and file-sharing as well as the threat of diminishing returns in an increasingly global, and therefore crowded, market that has been wallowing in the trough of a recent recession.  But is it true to say that this investment is a sign of confidence in the Government's film policy? Perhaps some elucidation is needed here.

Source: "Pinewood Studios To Invest Millions In The British Film Industry" by Craig Sharp, Filmshaft, 9 March 2011

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