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01/04/2010

PACT Welcomes UK Film Council's Producer Equity Initiative

The trade body for UK independent film producers has described the UK Film Council’s latest move as "a step forward for the future sustainability of the sector."
The UK Film Council’s decision is to enable producers to receive a share of the Film Council’s equity recoupment from all future feature film investments.
Chief executive of PACT - John McVay commented: "Enabling producers to share in the revenues from within equity recoupment corridors of sources of public funding will allow film production companies to grow and reinvest, in talent and more fantastic UK films."
The UK Film Council made the announcement as part of their three year plan: ‘UK Film: Digital innovation and creative excellence’.
The current business model for UK film production makes it difficult for a producer to get any share of revenues generated by successful films, and the industry is one of ‘cottage industry’ companies, working for fees on a project by project basis, thus largely dependent on public subsidies.
"The business model for film needs to change, and this is a step in the right direction. Independent film production companies in the UK are the least liquid and over half are loss making, despite their films being the most popular with audiences.
"We are looking forward to working with the UK Film Council on implementing this new initiative and looking at other ways to support the development of a commercially viable UK film production sector."
(BMcN/GK)
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