Bevan
LONDON -- In its most sweeping changes since it was launched almost a decade ago, public sector funding org the U.K. Film Council is merging its Development, New Cinema and Premiere funds and cutting cut 22 jobs out of 94 to save $42 million over the next three years.
The reduction comes at a time when public coin is at a premium, particularly with money being funneled toward the 2012 Olympics in London.
The production funds,which together are worth £17 million ($28.5 million) a year, will be replaced by an annual $25.1 million fund in April. The three fund toppers will be replaced by an overall head and three senior execs.
The new fund will concentrate on first- and second-time filmmakers although established British helmers are also welcome to apply for coin.
U.K. Film Council chairman Tim Bevan, Working Title's co-topper, and UKFC chief exec John Woodward remain confident that the org's annual production spend will not go down in real terms as the new fund will re-invest profit back into itself rather than the U.K. Film Council as a whole, as it currently does.
There is some upside for producers, who will receive equity in U.K. Film Council-funded pics for the first time. "We need to ensure that producers are strengthened with more power and a little more money in their pockets," said Bevan. "The industry is facing its biggest challenges. The way we fund, make, distribute and see films is changing. We're operating in a very different environment and we need to adapt to meet the needs of a new generation of audiences and filmmakers."
Under the org's overhaul its P&A fund will drop from $6.7 million a year to $3.3 million; its training budget will halve from $10.9 million a year to $5.4 million a year; and all Regional Screen Agencies will make 20% reductions.
The U.K. Film Council's L.A. office will also be downsized from five staffers to two.
Bevan and Woodward said the L.A. office will continue to concentrate on attracting investment in the U.K. from U.S. studios and mini-majors.
The pair also announced the creation of a minimum investment target of 25% for film productions based outside London as well as a new $8.4 million Innovation Fund to help British film companies adapt to the changes and opportunities brought on by the digital revolution.
"By creating two substantial funds -- one to support the move into a fully digital world and one to champion the best of U.K. film talent -- the U.K. Film Council is underlining its support for British filmmakers at a time of genuine uncertainty," said Woodward.
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