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Corona 19 Drives Growth in UK Film and TV Studios | business

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The coronavirus pandemic may have shut down cinemas and blocked the supply of new movies and TV shows, but developers are pouring hundreds of millions of pounds into building Hollywood-style studios in the UK, creating a streaming boom.

This week, the Dagenham Parliament signed a 300m contract to build a studio in East London, which is expected to welcome its first TV and film productions in mid-2022. We will be London Hollywood, says Darren Rodwell, leader of the Barking and Dagenham committee, who has been working hard to make the project a reality for the past four years.

A contract to build a new studio complex was agreed against the backdrop of the UK’s second shutdown, which began on Thursday, and closed all open cinemas. However, due to the epidemic, the constant increase in streaming is driving demand for studio space.

Dagenham isn’t alone as developers jump into the UK space race, fueled by an ever-increasing demand for streamers from Netflix to Amazon and Disney+. Last month, Liverpool City Council submitted a plan application to create the city’s first pop-up TV and movie stage to sit with a much larger development of the city’s historic Littlewoods Building, a 10-acre (4 hectare) site named Hollywood. . In the north to open in 2023.

Film and TV production in particular is enjoying an absolute boom, says Jason Hariton, chief real estate officer at MBS Group, an American film studio operator who will run the Dagenham studio complex.

Quantity, budget, amount of movies and TV shows are all [worlds] All of the major production hubs are increasing. In the fourth quarter of this year, we set a record for 7 years on serviced production.

We’re seeing all the projects that were discontinued when the epidemic started again, and all the content consumed is seeing new projects jump into the market to fill the void. Even if you receive [the pandemic] Aside, the industry is on an explosive upward path.

Virgin Media says viewers in the UK spent an extra third of watching Netflix during the shutdown period, and from 2017 on-demand video content viewing has generally doubled.

It had a knock-on effect on the British production industry, where last year, from The Crown to The Avengers: Endgame and the latest James Bond film, No Time to Die, spent nearly 3.7 billion on expensive TV shows and filming.

Despite the investment of $1.95 billion in filmmaking, the driving force behind its growth is high-end TV production, defined as a program that costs more than 1 million pieces per side. Between 2014 and 2019, spending on premium TV shows in the UK such as The Crown and Game of Thrones nearly tripled from 640 million to less than 1.7 billion, according to industry agency BFI.

Almost 80% of this spending, according to Ampere Analysis, was internal investments such as Netflix and Amazon, which reached 25 million UK viewers and reached around 350 million worldwide.

To keep up with demand, Pinewood, the UK’s largest studio and permanent home for the James Bond and Star Wars franchises, is doubling in size. Pinewood-owned Shepperton, which has a long-term production contract with Netflix, is doubling in size.

In December, Sky and Universal Studios, creators of The Fast and The Furious, owned by the American pay-TV giant Comcast, announced they would build a new large studio complex in Elstree, north of London.

Earlier this year, Blockbuster’s U.S. production outfits, including Venom, Godzilla and Blackhall Studios, announced plans for a 150m production park in Reading. But real estate experts say more sound stages are needed.

Chris Berry, director of commercial real estate firm Lambert Smith Hampton, says there is no close proximity to enough space. We estimate that 2m square feet are needed immediately. [186,000 sq metres] More studio space. There are about 4 more Pinewoods. There will be more and more demand as streaming services continue to refresh their content.

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Adrian Wootton, chief executive of the film London and the British Film Commission, says his organization received official permission from the government in March to release bureaucracy for productions that couldn’t find traditional studio space. Last year, Film London helped HBO, The Nevers’ Joss Whedons Victorian sci-fi drama turn London’s obsolete factory into a filming space.

We have been given more responsibility to work with developers and parliaments across the country to reduce bureaucracy and accelerate more infrastructure. [to use as studio space], He says.

If you can provide the stage space, you could move from nearly 4 billion investments in UK production to 6 billion over the next five years. The growth curve we are not near the ceiling. The cinema has a problem, but the streamer emptied the content bank. Subscriptions and gaze never disappear.

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