Movie production spending in the U.K. rose 7.5% last year to £1.07 million ($1.81 billion), according to a report released Thursday by the British Film Institute.
The U.K. is ranked third in the world in terms of the value of film production spending, behind the U.S. and Japan, according to research company IHS.
U.S.-U.K. movies produced for the Hollywood studios spent £751.5 million ($1.28 billion) in the U.K. last year, compared with £672.8 million ($1.14 billion) in 2012.
Last year, the 16 films with budgets of £30 million ($50.9 million) or more accounted for 72% of U.K. production spend.
Eighty-one per cent of the total U.K. production spending came from films financed from outside the U.K. — mostly from the U.S. studios. These pics contributed £860 million ($1.46 billion), which was up 28% on 2012.
Last year, 241 films were produced wholly or in part in the U.K., down from 326 in 2012. Of these, 37 were co-productions, 167 were U.K. features, and 37 were foreign movies, mostly U.S. financed.
International co-productions, which included “Jimmy’s Hall” and “Mr. Turner,” contributed £54 million ($91.7 million), down from £75 million ($127 million) in 2012.
U.K. pics, which included “A Little Chaos” and “Pride,” contributed £154 million ($261 million) to the total U.K. production spend, a fall of 38% from 2012. It was the lowest figure since 2004. This is due to a fall in U.K. films made by U.K. companies but financed by U.S. studios, the BFI said. Expenditure on independent U.K. films increased from £134 million ($227 million) to £150 million ($255 million).
Among U.K. features, 104 pics — 48% of the total — had budgets under £500,000 ($849 million). Films in this budget range contributed 1.4% of the total spend.
The BFI also released figures on the production of high-end television shows and animation. In 2013, the U.K. government introduced tax relief for these productions, and the relief came into force on April 1, 2013.
U.K. production spend on high-end television between April 2013 and March 2014 was £395 million ($671 million). There were 43 productions, including “Game of Thrones,” “24: Live Another Day” and “Outlander.”
The total U.K. spend of the 25 animation projects that qualified for the tax relief produced in the U.K. between April 2013 and March 2014 was £52 million ($88.3 million).