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Creative sector fills UK coffers as money pours into film and TV production




The combined UK film, TV and music industry boomed in the second half of last year, growing almost 11% compared with the previous six months, according to government figures. In December alone, the film sector accounted for half of all growth in the key services sector – which accounts for 80% of the British economy.

The TV production industry is enjoying a golden age of investment, with deep-pocketed new arrivals such as Netflix pouring money into big-budget shows including ?100m royal series The Crown.

“The UK’s creative economy stands tall on the world stage,” James Murdoch, chief executive of 21st Century Fox, said.
The Film industry has flourished over the past decade, following the introduction of a 25% tax break for foreign filmmakers, mostly exploited by Hollywood studios that have shot blockbusters in the UK.

After years of declining CD sales and the threat of piracy, the music industry is back in fine health too: “In terms of recorded music it is very simple, growth is all being driven by streaming,” said industry analyst Mark Mulligan. “We have finally got to the stage where streaming is growing strongly enough to offset the decline in legacy formats.”

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