UK TV Boom May Be Slowing: International Revenues Fall To Lowest Level Since 2017 And Streamer Spends Dips By $57M, Says Trade Body Pact’s Annual Report

07.09.2022 - 02:49 / deadline.com

The UK TV boom that brought you the likes of Netflix’s The Crown may be slowing, with producer trade body Pact’s latest Census showing the lowest level of international TV revenue since 2017 and streamer spend dropping by £50M ($57.7M).

While the overall UK TV market almost returned to pre-Covid levels due to a £500M ($577M) boost in domestic revenue in 2021, the report cited a worrying 12.5% drop in international turnover to £950M ($1.1B), which is almost one-quarter behind 2019’s record figure.

In recent years, the Pact Census has shown major gains in UK TV revenues from global players, with studios and streamers taking advantage of the plethora of British on and off-screen talent, cheaper production costs and the nation’s fabled tax credit.

But last year, spend by streamers including Netflix and Amazon Prime Video fell by 16% to £299M, the lowest level since this data started being recorded in 2018.

Speaking to journalists yesterday morning, Pact CEO John McVay said it is too early to tell whether the figures are a longer-term trend or Covid-induced blip due to delays in production caused by the pandemic.

He also flagged the streamers’ bringing shows in-house and the likes of the Warner Bros. Discovery merger leading these conglomerates to “take their eye off the ball” in the UK.

“We think there are various forces at play and will know better next year,” added McVay, who said he had witnessed a strong appetite for UK content at the recent Realscreen market.

McVay rejected the notion that streamers and U.S. studios are moving investment from the UK to other nations such as France to cater for the non-English-language-content boom.

“I don’t think Netflix is robbing Britain to pay France,” he added. “The UK is still a major