U.K. Indie TV Production Sector Brings In Nearly £3 Billion

LONDON: The U.K.’s independent television production sector is now worth just short of £3 billion ($3.73 billion) to the U.K. economy, rebounding from the decline the industry saw in 2014.

According to Pact, international rights income grew from £93 million ($115.6 million) in 2014 to £152 million ($187.7 million) in 2015, while overseas primary commissions grew from £599 million ($744.5 million) to £697 million ($1.2 billion). Overall, international TV revenues account for a 13.4 percent increase on 2014 and contribute more than a third of all revenue.

The largest proportion of new commissions in 2015 came from multichannel groups—62 percent compared with 38 percent returning series). The BBC and Channel 4, with their larger commissioning budgets, still lead in overall spend on new commissions—collectively accounting for 61 percent of total spend on new commissions.

Pact reports a noticeable shift in genre commissioning in 2015, with factual entertainment’s share of spend increasing by 49 percent year-on-year, while entertainment decreased by 23 percent.

John McVay, the chief executive of Pact, said: “It’s great to see that revenues have bounced back in one of the U.K.’s leading creative industries and that it is international growth that is driving this success.

“The world is watching British TV and international commissioners know that they are buying quality when they buy British.”