Australian Film and TV Production Industry Enjoys Strong Growth Despite Weak Economy
Screen Australia reveals the results of its report handled by the Bureau of Statistics. Data shows most sectors of the TV and film industry in Australia have grown despite the complaints of some industry players about tough times.
In recent years, the decline of Australian film and TV industry has been predicted since many production outfits have struggled with their earnings. The Bureau of Statistics contends this gloomy outcome since most sectors have enjoyed positive growth over the last five years.
Current affairs and reality TV are two of the strongest sectors. Broadcast networks are always on the lookout for cheaper ways to meet public requirements for local content. The report also says it may be premature to say that Australian film and television will soon meet its impending death.
Production remains positive from production income, employment and businesses. Income grew to 38 per cent during the last five years. The production industry has also seen employment growth.
Screen Australia's Fiona Cameron says news and current affairs have generated $412 million to $509 million within five years. Entertainment program rose from $381 million to $555 million. Cameron says it's definitely a huge improvement considering the current popularity of the shows.
Half of the local content in Australia is from news and current affairs programs because it is the cheapest way to get volume information. Local drama programs are more expensive to produce.
Although expensive, TV dramas with a huge following are worth the expense since they have the most potential for reruns, merchandise and DVD sales. They can also be released internationally with a license fee. A top-rated drama can provide long-term monetization and long-lasting potential which news and current affairs programs cannot match. Local drama is still growing as shown in the report from $168 million to $355 million in the last five years.
Some sectors like animation, visual effects and post-production have shown negative growth. Video game development in Australia also went down due to the high Australian dollar.
