The UK Film and TV industry looks set to bounce back in 2024

by | Feb 21, 2024

UK studios, grappling with the aftermath of US strikes and a slowdown in commissioning, are cautiously optimistic about the year ahead. The confluence of strikes, high interest rates, and a sluggish advertising market has left many studios in a precarious position, with some faring better than others.

A total of 14 new sound stages are under construction at the Pinewood-owned studios. Netflix plans to double the size of its production base at the Surrey facility while Amazon Prime recently agreed a long-term long lease on nine sound stages, workshops and offices.

Despite the challenges, there are signs of hope on the horizon. Productions like Disney+’s Rivals and the fifth series of Malory Towers have continued, providing a glimmer of hope for the industry. While the road ahead may be uncertain, UK studios are resilient and determined to overcome the challenges they face.

The latest official figures published by the BFI’s Research and Statistics Unit show that in a year in which film and high-end TV production was impacted globally by the Hollywood strikes, the UK’s production continued to generate billions to the UK economy.

The medium-term outlook is rosier with  the U.K. film and high-end TV production industry expected to reach a spending level of up to £7.66 billion by 2025. While this growth is promising for the industry, it will exacerbate the existing skills shortage. Research estimates that over 20,000 new full-time crew members will need to be trained to meet the rising demand. Demand for support services such as film and tv logistics is also forecast to grow exponentially.

Plans have been lodged to create a production facility in Buckinghamshire to be built on the site of former gravel pits.

The projected growth of over 7.3% over the next three years will also impact the availability of studio space. Developments in the South East’s film industry continue to make big strides forward with increased studio space becoming available at  Pinewood, Shepperton, Winnersh and Shinfield Studios. New film studio spaces are either operating or in development at Marlow, Wycombe, Longcross and Farnborough.

At Perform Logistics we are uniquely placed to provide specialist transport services within the Film & TV industry from our base in Woking and through our partnerships across Europe and the US.