Streamers Drive UK TV Production Sector Revenues To Record $5B High In 2022, But Pact Boss John McVay Forecasts “Tough” 2023 & “Shaky” 2024
12.09.2023 - 23:15
/ deadline.com
The UK TV production sector grew rapidly in 2022 to a near-£4B ($5B) high, but Pact boss John McVay has forecast a “tough” full-year 2023 and “shaky” 2024.
The producer trade body’s annual Pact Census, which covered the 2022 calendar year, found indie revenues to have risen by 21% – comfortably besting the previous record of £3.3B in 2019. International TV revenue skyrocketed by 70% to £1.6B and spend from the streamers rose by a whopping 133% to £700M – both smashing previous records.
Unveiled yesterday during a press briefing, the heady numbers will come as little surprise, given that 2021 was hit by Covid-19 and 2022 saw a rush back into production. Figures from across the UK TV sector regularly reported virtually full employment levels in 2022, and there were big increases in commissioning by both local networks and U.S. giants.
McVay labeled 2022 a “boom year,” adding: “Clearly the UK is a place where large sums of money are invested in content and that is good news for everyone in the supply chain and the value chain.”
He praised the streamers for “shooting [investment] up by a mile” and said this will “hopefully” return once the dual U.S. strikes are over, with 2022 being the first year in which the SVoDs spent more than non-UK linear channels on UK content. Big UK streamer hits to have landed across the year included Netflix’s Heartstopper and the fifth season of The Crown, while new players such as Disney+ and Apple TV+ entered the UK commissioning market in earnest.
Notably, international sales of finished programs fell to its lowest level in a decade (£190M), demonstrating that global players are “buying new things not just catalog,” according to McVay.
Unsurprisingly, McVay forecast the numbers will drop
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