Hollywood Investment in U.K. Film Industry Leaps to Record $2.4 Billion
'Solo: A Star Wars Story,' 'Dumbo,' Fantastic Beasts' and 'Ready Player One' helped push the U.K. figures to an all-time high, while 'The Crown' did the same for high-end TV investment, which jumped 27 percent to $967 million.
The U.K. has accelerated its growth as a major hub for Hollywood film and TV production.
Inward investment on feature films in 2017 leaped 23 percent from the previous year to $2.4 billion, according to new figures released Wednesday from the British Film Institute. Over the same period, high-end TV investment coming to the U.K. jumped 27 percent to $967 million.
Major films including Solo: A Star Wars Story, Jurassic World: Fallen Kingdom, Dumbo, Fantastic Beasts: The Crimes of Grindelwald, Tomb Raider and Ready Player One, alongside TV shows such as The Crown, Game of Thrones, Peaky Blinders and Philip K. Dick's Electric Dreams, were all shot in the U.K. in 2017.
Spending on film and high-end TV production shot in the U.K., including local and international investment, increased by 11 percent to hit around $4 billion.
A total of 130 domestic films were made in Britain during 2017, with their spend reaching $269 million. They included Idris Elba’s Yardie, Mike Leigh’s Peterloo, Joanna Hogg’s The Souvenir and Chiwetel Ejiofor’s The Boy Who Harnessed the Wind.
"Once again, U.K. film and high-end TV surpass expectations and records are broken, with a staggering almost £3 billion spent on film and high-end TV production," said BFI CEO Amanda Nevill in a statement. "We have a consistently growing industry, and doing so at speed — up 11 percent from last year and outstripping most other sectors."
Added Adrian Wootton, CEO of the British Film Commission and Film London: "Film and high-end TV are big business, and today’s figures show the U.K. continuing to meet the growing demand for content and world-class skills, talent and technical expertise. Whether producing lavish period dramas or fantasy epics, every corner of the U.K. is delivering at the highest level, and our success ultimately translates to economic growth, job creation and training opportunities."