Australia’s government-backed film funder the Film Finance Corp. invested a record A$88 million ($64.5 million) in 67 new films, telepics, kids’ series and documentaries with total slates worth $169 million in the financial year ended June 30.
But it notched up its worst annual earnings in its 17-year history — down to $6.8 million.
FFC earnings peaked in 1998 at $18 million and have since bounced between $11.5 million and $8.6 million until this year.
The accounts detailed in the FFC’s annual report, published this week, show precisely how poorly the Aussie industry has been doing in recent times.
They do not include receipts from the strong B.O. enjoyed by “Little Fish,” “Look Both Ways” and “The Oyster Farmer.” However, they do include coin from “Wolf Creek,” for which the Weinstein Co. acquired rights to North America and selected territories for $3.5 million.
Foreign sales accounted for 66% of the FCC’s incoming coin last year, with the remainder from local revenue.