Mindful of the successes of subscription video-on-demand (SVoD) giants like Amazon Prime Video and Netflix, Barclays Corporate Banking is responding to the rapid evolution of the TV production realm.
In an effort to aid British TV producers in content-making for streaming services, the corporate banking arm of the multi-national bank, Barclays Plc, has declared that it is pouring worth Â£200 million ($256 million) of financial assistance to the sector.
This declared amount is twofold, relative to the Â£100-million ($128 million) worth of funding which the company donated last year.
The financial services firm cited that these streaming services are altering the manner of how original TV programming is funded.
Funds loaned by traditional TV broadcasters are usually paid back as the TV program is delivered, simultaneously reimbursing the creditor and the production company.
On the other hand, the payment made by SVoD services is usually extended over a much longer period, which could present financing issues.
Barclays has long supported TV production projects, with beneficiaries like the Drama Republic, receiving a total of Â£17.5 million ($22.4 million).
The funding was for the Netflix-BBC co-production of “Black Earth Rising,” a TV drama series that tackles the indictment of the perpetrators of global war offenses.
Furthermore, Barclays has financially supported Lime Pictures for “Free Rein,” a show presented on Netflix, and Silvergate Media’s “Octonauts” series.
Drama Republic’s financial controller, Denis Wray, described that borrowing funds for the production of “Black Earth Rising” was expensive and took more time to repay.
The Drama Republicâ€™s finance executive cited that, as collaborators, Barclays understands their daily problems and vulnerabilities.
Sympathetic to the financial problems which beset high-end drama productions, Wray said that the corporate banking company is beneficial to have as a partner.
Barclays is well-informed and is prepared to listen and assist when needed, he said.
Lorraine Ruckstuhl, Barclays Corporate Banking’s media chief, observed that SVoD platforms are surging in number, focusing more on developing original programming.
Hence, she said that there is heightened demand for customized financial assistance that suits the particular requirements of the production organization and the SVoD service.
Financial assistance providers will, therefore, need to be innovative and responsive to these shifting funding needs, Ruckstuhl explained.