Growth expected to slow as Netflix pulls back projects to US to secure $80bn takeover of Warner Bros Discovery
A spending spree by Hollywood studios and streamers pushed investment in film production in the UK to a record £2.8bn last year, but growth is expected to slow this year as Netflix switches investment to the US to secure an $80bn (£59bn) takeover.
The British Film Institute, which has been publishing annual data on spend on the production of films since 2002, said 91% of the record film spend was down to “inward investment” from studios and companies based outside the UK.
The 23% year-on-year surge in film-making spend was down to a clutch of blockbusters being produced in the UK including Avengers: Doomsday, Super Girl and a quartet of biopics focusing on each of the Beatles.
However, the co-chief executive of Netflix Ted Sarandos said this week he was pulling projects back to the US to please lawmakers scrutinising the company’s proposed takeover of Warner Bros Discovery (WBD), which could divert spending away from the UK market.
