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With $3.47B Revenue, UK Producers Further Lure Amazon and Netflix

With $3.47B Revenue, UK Producers Further Lure Amazon and Netflix

British TV producers are encouraging Amazon and Netflix to continue financially supporting British-made content.

This comes after the two giant streaming service providers have proven that they are positive contributors to the entertainment production sector of the United Kingdom.

The overseas sale of programs like “Midsomer Murders,” “Sherlock,” and “Victoria” helped the British TV production industry reach a new record high of £2.7 billion ($3.47 billion) in yearly revenues.

John McVay, the head of Pact, an organization for TV producers, remarked that it is highly likely that mainstream streaming platforms like Amazon and Netflix would intend to do projects with British producers.

The reason behind this is because UK TV producers possess the cornerstones of quality and creativity.

McVay furthered by saying that they are persuading the streaming service providers to spend more. He said that these companies surely would because they are still responsible for a small fraction of overall commissioning spend.

Based on figures by Pact, the £150 million ($193 million) shelled out by Amazon and Netflix is merely seven percent of the total £2.1 billion ($2.7 billion) used in creating shows employing British producers by local TV firms like BBC, Channel 4, Sky, and ITV, as well as overseas companies.

Last year, the Amazon and Netflix spent £150 million ($193 million) on TV shows created in the UK. These include “The Crown” and “Black Mirror.” They have propelled the British entertainment production to the highest historical price levels.

The two streaming firms jointly led to a nearly 20 percent year-on-year surge in spending from foreign on-demand services like YouTube on content made by British production establishments.

For a short span of time, Amazon and Netflix have been responsible for nearly one-third of the £549 million ($706 million) aggregate spending on British commissions by foreign broadcasters.

Amazon created the popular motoring TV series “The Grand Tour” which is hosted by James May, Jeremy Clarkson, and Richard Hammond. This year, Amazon intends to spend approximately £3.9 billion ($5 billion) on TV and film content.

With a total estimated budget of £6.2 billion ($8 billion), Netflix revealed in April that it plans to spend £777 million (over $1 billion) on content this year as ordered by European producers.

 

 

Emma Cassidy
the authorEmma Cassidy
Emma is a Sports writer and loves talking and learning about new Sports. She studied journalism at The City College of New York. She loves watching American Sports as well as watching her children play. When she gets some free time she likes to read books by "Jacqueline Wilson".

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