Acclaimed US production house, Sunset Studios is set to establish an additional flagship base in the UK, which has been largely welcomed by the masses.
Overview of new studio
News of the UK gearing up to welcome a new film studio has taken the entertainment industry by storm and made headlines in the past few weeks. Sunset Studios, which is behind global movie sensations such as When Harry Met Sally, Zoolander and La La Land, has announced its intentions to expand and establish one of its flagship studios in the UK, in addition to its USA-based operations. According to reports, the owners of the acclaimed studios have purchased a 91-acre site in Hertfordshire. The new studios are said to be financially backed by two major US investment firms, which have collectively raised approximately £700 million towards the project.
What it means for the industry
The anticipated studios have been largely welcomed by the masses, government and the industry at large. Government officials have expressed their approval and proclaimed that this is expected to be a nod for the industry and act as further proof of the credibility of the country’s film and television industry. Moreover, it is expected to boost the local economy and provide much needed support for the often overlooked creatives in the country, whilst increasing their opportunities of being part of the next world-renowned movie and potential film classics. Commenting on the feat, Prime Minister Boris Johnson described it as excellent news for the industry, adding, “The creative industries are at the heart of our plans to build back better. This will be a hub for both UK and international productions, showcasing home-grown talent on the global stage.”
Implications on the UK
As can be expected, the UK’s film and television industry is set to see an improvement in investor confidence and provide much needed jobs to an estimated 4,500 people because of the new studios. Furthermore, this will likely prompt key industry stakeholders to consider investing in shares in the UK operations, because of its appeal and projected growth in the coming years. Given the growing demand for content to be streamed on entertainment platforms such as Netflix, Amazon Prime and Apple TV, the investment into the UK film and television industry will draw attention to the UK. Although the UK already boasts one of the leading box office markets across the globe, it is expected to continue on an upward trajectory because of the new Sunset Studios. This will undoubtedly contribute positively to the country’s economy, further cementing it as a key industry player and stakeholder in the global economy.
In the past decade, the UK’s revenue generated at cinemas has steadily increased and showed satisfactory growth, this is according to Statista, however, this was heavily impacted by the tumultuous conditions of 2020. Last year saw a significant drop in the UK’s box office revenue, as the country recorded a fraction of its usual annual revenue. With the introduction of the UK base of Sunset Studios, this is expected to improve conditions and provide a sense of hope for creatives, the industry, current investors, and unearth new talent that may have gone unrecognised had the production house not made the decision to explore an additional base.