Feature film production spend dropped 15% in 2007, to $1.4bn (£723m) from 2006's $1.6bn (£855m), according to new research from the UK Film Council.
The UKFC tracked 112 features, down from 135 in 2006 (the UKFC only tracks projects with budgets starting at $1m). The UKFC blamed the decline on the weak dollar, the US writers' strike, and the new UK tax-credit which is less friendly to co-productions.
Indeed, the number of UK co-productions dropped to 28 in 2007 from 53 in 2006, with spend down to $144m (£73.8m) from $219m (£112m). Co-productions in 2007 included Jorge Blanco's animated Planet 51 and Saul Dibb's The Duchess starring Keira Knightley.
Inward investment projects dropped to 26 from 28 and spend was $993m (£508m) down from $1.15bn (£590m) in 2006. Those projects included Sweeney Todd and Harry Potter And The Half Blood Prince.
Indigenous UK films rose to 58 from 54 in 2007 (with spend down to $275m (£141m) from $299m (£153.1m) in 2006. Those films range from Beeban Kidron's Hippie Hippie Shake starring Sienna Miller to Mike Leigh's Berlinale competitor Happy-Go-Lucky.
'2007 was a strong year for film production in the UK and infinitely better than everyone was predicting this time last year,' said John Woodward, CEO of the UKFC. 'Whilst the figures are slightly down on 2006's spectacular performance, we have to take into account that 2006 was an exceptional year.
Responding to the 'significant drop' in co-productions, he said: 'Some of this was expected given that the tax break is geared towards encouraging only shooting and post production in the UK. However, we will be looking at this in much more detail as part of a wider study the Government has asked us to undertake with regard to the state of the industry following the introduction of the new tax credits.'
The UKFC tracked 112 features, down from 135 in 2006 (the UKFC only tracks projects with budgets starting at $1m). The UKFC blamed the decline on the weak dollar, the US writers' strike, and the new UK tax-credit which is less friendly to co-productions.
Indeed, the number of UK co-productions dropped to 28 in 2007 from 53 in 2006, with spend down to $144m (£73.8m) from $219m (£112m). Co-productions in 2007 included Jorge Blanco's animated Planet 51 and Saul Dibb's The Duchess starring Keira Knightley.
Inward investment projects dropped to 26 from 28 and spend was $993m (£508m) down from $1.15bn (£590m) in 2006. Those projects included Sweeney Todd and Harry Potter And The Half Blood Prince.
Indigenous UK films rose to 58 from 54 in 2007 (with spend down to $275m (£141m) from $299m (£153.1m) in 2006. Those films range from Beeban Kidron's Hippie Hippie Shake starring Sienna Miller to Mike Leigh's Berlinale competitor Happy-Go-Lucky.
'2007 was a strong year for film production in the UK and infinitely better than everyone was predicting this time last year,' said John Woodward, CEO of the UKFC. 'Whilst the figures are slightly down on 2006's spectacular performance, we have to take into account that 2006 was an exceptional year.
Responding to the 'significant drop' in co-productions, he said: 'Some of this was expected given that the tax break is geared towards encouraging only shooting and post production in the UK. However, we will be looking at this in much more detail as part of a wider study the Government has asked us to undertake with regard to the state of the industry following the introduction of the new tax credits.'
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