Netflix will increase its cost of making TV shows in the UK to $ 1 billion (750 750 million) this year as the streaming giant maintains a worrying pace on its pipeline despite a coronavirus pandemic.
Netflix, which makes programs from the Crown to Sex Education in the UK, has increased its budget by 50% from the $ 500 million it spent on UK-produced movies and TV shows last year.
The spending has been invested in making more than 50 TV shows and movies by 2020, against the backdrop of UK production a few months earlier this year due to coronavirus restrictions.
The UK has become firmly established as Netflix’s most important international production hub, estimated to spend $ 17 billion making and licensing TV shows and movies this year, with the UK budget second only to its US domestic market. About a third of all Netflix productions in Europe, for its 200 million global subscriber base, are made in the UK.
The over-viewing model, a pioneer of Netflix, is looking for a substantial content pipeline, and the UK has taken center stage as a production site.
“The UK is an incredibly important market for Netflix and we are proud to increase our investment in the UK creative industry,” said a Netflix spokesman. “The Crown, Sex Education and The Witcher are some of the shows that were made in the UK this year that will be seen around the world. “These performances are a testament to the depth of talent that exists here.”
Witcher, starring former Superman Henry Cavill, has been jailed twice this year for testing positive for coronavirus. The big budget series, filmed at Arborfield Studios in Berkshire, was one of the first productions in the UK to stop filming when a cast member tested positive for coronavirus in March, and stopped for the second time later this month after several positive tests.
Last October, Netflix struck a 10-year deal to take over the entire Shepperton Studios, home to films ranging from “Aliens” to “Mary Poppins”, to guarantee the space it needs to launch productions without delay. The first production was the film “The Old Guard” by Charlize Theron.
Meanwhile, Shepperton’s parent company, Pinewood Studios, home of the James Bond and Star Wars franchise, has struck a similar deal with Disney. The world’s largest entertainment company has agreed to a long-term deal as it shifts its business, traditionally focused on movie and pay-TV, to streaming with the launch of Disney + streaming service. Earlier this month, Disney announced that its streaming service, backed by a $ 100 million Mandarorian TV spin, had attracted 74 million subscribers worldwide in less than a year since its launch.
Nearly 3, 3.7 billion was spent on high-profile TV shows and movies in the UK last year, including blockbusters such as the James Bond film “No Time to Die”. Although 95 1.95 billion was spent on filmmaking, the growth engine is top-notch TV production, defined as shows that cost more than 1 1 million to make an episode. Costs for such plays, from Game of Thrones to His Dark Materials, nearly tripled to 1, 1.7 billion between 2014 and 2019, according to industry body BFI. Nearly 80% of that spending comes from Netflix, Amazon and Disney users, who have combined views in the UK of more than 30 million and more than 400 million globally.