Pinewood Television to produce major TV dramas
Pinewood Studios has launched Pinewood Television as a joint venture with StoryFirst PST Limited to produce high-end TV dramas for the international market.
Pinewood Television will deliver its own projects and will also act as a co-producer on major dramas seeking deficit funding. The company will be developed as a ‘one-stop-shop’ with involvement in all parts of the development and production process through to marketing and eventual distribution.
“The growing demand for high-end television continues to rise dramatically and, with HETV (High-End Television) fiscal incentives available, the Pinewood television business will participate in this growing market,” said Ivan Dunleavy, chief executive of the Pinewood Group.
“Pinewood Television’s offering will build on the financing experience that Pinewood and StoryFirst have developed to date.”
The UK’s TV tax credit was launched in 2013 to add to Britain’s existing production incentive for feature films. Television producers can claim up to 25% of qualifying UK expenditure for dramas that satisfy a cultural test and spend at least £1m per broadcast hour.
Figures from the British Film Institute reveal the TV tax credit had a huge impact after its first year. Annual production spending rose from £50m to £395m in 2014 with nearly 60% of the money coming from international productions like 24: Live Another Day (pictured). Figures for 2015 are due in the next couple of months.
The UK’s incentive appeal combines with the availability of world-class crews and accessible locations.
Several of the UK’s major studios are expanding to cater for international demand. However, TV shoots are increasingly making use of adapted industrial buildings that can be more flexible and cost-effective for shows planning longer-term residencies.
For more on filming in the UK see our production guide.