FOLLOWING the decision of the EU Referendum to leave the European Union on Thursday, many questions have been raised over the future of many different industries and businesses. The TV and Film industry is a lucrative one, and one that was secure up until the results of the Referendum.
In a statement to Variety, Michael Ryan, Chairman of the Independent Film and Television Alliance (IFTA) said: “The decision to exit the European Union is a major blow to the UK Film and TV industry.
“Producing films and television programs is a very expensive and very risky business and certainty about the rules affecting the business is a must.”
There have been fears that the creative industry will be one of the sectors that feels the impact of the decision the most. Almost 300 artists, actors, writers and musicians have signed a letter declaring their desire to remain in the EU.
US productions could also feel the rippling effects of the decision, with questions over whether global hit shows such as HBO’s Game of Thrones – which films a lot of the show in Northern Ireland and is supported by the European Regional Development Fund, will be financially affected.
Thankfully though, HBO have confirmed in a statement to Entertainment Weekly: “We do not anticipate that the result of the EU Referendum will have any material effect on HBO producing Game of Thrones.”
The EU contributes large quantities of funding to help keep the UK’s film sector prominent. As debates continue to proceed, there is no way of telling exactly how each sector will be affected over the coming months and years.
Michael Ryan added: “This decision has just blown up our foundation – as of today, we no longer know how our relationship with co-producers, financiers and distributors will work, whether new taxes will be dropped on our activities in the rest of Europe or how production financing is going to be raised without any input from European funding agencies.The UK creative sector has been a strong and vibrant contributor to the economy – this is likely to be devastating for us.”
It’s an uncertain time for the industry.