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According to the findings of a report – UK Television in Focus – prepared by professional accountancy body the ICAEW and consultancy firm PwC, substantial investment and volume of deals in the sector are being fuelled by new digital technologies, fast-changing consumer trends and big changes in the international environment.
PwC forecasts the global television market will be worth $325 billion (290bn) in revenues by 2020. In this context, the UK is regarded as a world leader and a significant exporter of ideas, content, and both technical and creative talent. Spearheading this is the BBC, which acts as the ‘investment arm’ for UK culture and creativity.
According to interviews with senior industry figures, UK television companies are adapting quickly to new content, platforms and changing viewing patterns around the world. In order to drive sustainable success, they need to maintain clear focus on pairing creativity with business acumen, and securing the skills and finance to develop engaging creative ideas.
Phil Stokes, Entertainment & Media Lead at PwC said: “British television – always international in its outlook – is becoming even more so, with an increasing amount of high quality content gaining global recognition and creative awards. As sources of funding evolve, the industry is adapting constantly and will need to combine financial leadership, skills and professional advice alongside great programme ideas in order to strengthen investment.”
David Petrie, ICAEW’s Head of Corporate Finance, said: “Television is a big sector for international deal flow. It is one where Britain’s reputation and expertise mean that it’s developed world-beating production companies. Corporate finance will play a key role in future success stories.”