UK Film and High End TV Production spend increased by 31% in 2024

In addition to the increase in spend the BFI's report shows that the UK film and TV sector is attracting significant inward investment.

BFI’s Research and Statistical Unit shows that spend on film and high end TV production in the UK amounted to a total of £5.6billion in 2024. Following a dip in 2023 caused primarily by the Actors and Writers strikes, this represents a 31% increase, year on year.

In the UK spending on high end TV shows was £3.4billion (61.8% of the total spend) whilst spending on films amounted to £2.1 billion (38.2% of the total spend).

Inward investment and co-production amounted to £4.8billion, a staggering 86% of total production spend.

We are seeing an increasing number of US productions leaving their homeland to film in the UK. Tax credits in California are not easily accessible for all productions, unlike the regime in the UK. Other factors that are contributing to the US exodus to the UK include cheaper labour rates, highly skilled UK crews and a lighter union regulated industry

Of the total £2.1 billion spent on 191 film productions, inward investment contributed to 87% of that spend.

Lisa Nandy, Secretary of State for Culture, Media and Sport noted, “these impressive figures demonstrate the strength and resilience of our world class film and TV industry. It was fantastic to see that ‘Wicked’, which was filmed at our very own Elstree Studios was the biggest film of the year. As part of the government’s Plan for Change, we are putting film and the creative industries at the heart of our growth plan.”

Ben Roberts, BFI CEO commented “the UK’s film and TV industries continue to be a powerhouse for creativity, investment and jobs.”

On a less positive note, domestic funding fell to its lowest since 2020. The BBC, ITV, Channel4, Channel 5 and Sky invested about £600million in productions with budgets of more than £1million per hour , compared to £800million in 2023. As many in our industry know it is worrying that UK broadcasters are increasingly unable to invest in expensive drams. Whether this trend can be reversed by enhanced government incentives remains to be seen.

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