2018 Film and TV Production Spend in the U.K. Hits £3.1 billion

Spending on film and high-end TV production in the U.K. topped £3.1 billion ($4.1 billion) in 2018, the second highest number on record, but down on 2017’s record-breaking total of £3.3 billion. The BFI released 2018 figures, Friday, that shed light on the health of the U.K. business.

Spending on high-end TV was up 4% on 2017 at £1.2 billion, the highest since tax breaks were introduced for big-budget shows in 2013. In the inward investment column, film, TV, and coproduction spend was £2.4 billion, with film accounting for £1.6 billion of the total and TV the remainder.

The U.K. industry is bracing for the impact of the U.K. leaving the European Union, which is scheduled for Mar. 29. Amid the ongoing Brexit confusion, the country remains a production hotspot with multiple new studio projects in the works.

The BFI data crunch confirms a banner year in terms of cinema admissions and box office in the U.K., notably at a moment when these figures were falling elsewhere in Europe.

Three of 2018’s top five grossing films at the UK box office were made in the UK: “Avengers: Infinity War,” which pulled in £70.8 million in the U.K., “Mamma Mia! Here We Go Again,” with £65.5 million,” and “Bohemian Rhapsody,” which grossed £52 million. The total was £1.4 billion.

U.K. independent movies accounted for 12% of the box office, a 2% increase on last year.

Looking ahead to 2019, the new Bond film will go into production, spurring the film production figures. On the TV side “Game of Thrones” is coming to an end, but there is talk of Netflix setting up a U.K.-based production hub at Pinewood.

“In a time of seismic change, today’s figures prove that film and television are thriving, a vital creative industry that is outstripping other sectors,” said Amanda Nevill, CEO of the BFI. “With spend for film and high-end television production at almost £3.1 billion, we remain one of the most in demand places in the world to create moving image content.”

“Billions of pounds are spent every year on film and high-end TV in the UK, and we will continue to back the sector to further strengthen this success story,” said Margot James, the U.K.’s digital and creative industries minister.