NZ announces better film and TV production incentives
New Zealand’s ministers have announced they will be lowering the qualifying budget thresholds for film and TV productions.
The move is expected to make the country more attractive as a location for big-budget film and TV productions.
Under the changes to the Large Budget Screen Product (LBSP) grant and the post, digital and visual effects grant (PDV grant), the budget threshold for TV series pilots, made-for-TV films, and miniseries will drop from with over $8m to $3.13m. The threshold for the PDV grant will also be lowered from $2.35m to $780,000.
According to the International Business Times in Australia, the minister for economic development Steven Joyce said: “Attracting more TV production and investment in New Zealand will boost the economy and provide greater continuity of work for Kiwis and their families.
“We also want to build on our growing strength in high-value post production, digital and visual effects, and enable smaller New Zealand companies to be more successful in attracting work to New Zealand.”
The changes are announced as a result of a two-year review into the effectiveness of the incentives in the industry.
Minister of arts, culture and heritage, Christopher Finlayson is reported as saying: “Industry sustainability is what’s driving these changes. We want more international screen productions to come to New Zealand and utilise our world-class expertise and scenery. The changes could also mean more local film and TV producers are able to make content that is attractive to overseas market.”
New Zealand was home to the popular Lord of the Rings trilogy and provided the backdrop for The Hobbit films.