LONDON — The U.K. Film Council will spend £1 million ($1.6 million) a year underwriting theatrical distribution costs for a handful of British movies to help them reach a wider audience.
Any U.K. distrib, including the local arms of the Hollywood majors, can apply for the coin, but they must spend at least $1.2 million on P&A and release at least 175 prints.
The Film Council will provide a prints and advertising guarantee of up to $480,000 per pic. The money will be only paid if the movie fails to recoup its P&A from theatrical rentals.
The film also must gross at least $1.2 million to trigger the payback. This is to ensure that only films with commercial prospects are entered for the subsidy.