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Tax Incentives
U.K. Production Relief: New Credit for Smaller Budget Projects
The U.K. government is set to launch a new indie movie tax credit for films with budgets up to £15 million (or $19 million). Additionally, major studios will benefit from business rates relief, and VX costs will see a 5% increase under the Audio-Visual Expenditure Credit system, effective from April 1. These measures aim to rejuvenate the struggling independent sector and bolster local production.
Awards
Oscar Inclusion: Number of Female Nominees Match 2021 All-time High
The latest study by Dr. Stacy L. Smith, the Annenberg Inclusion Initiative, and Adobe Foundation, revealed that 32% of 2024 Oscar nominees are women, tying 2021’s all-time high. While 20% of feature-film nominees come from underrepresented racial / ethnic groups, women of color hold only 5.7% of the nominations, indicating a significant disparity in proportional representation.
Film Festival
Gearing Up for Cannes: What To Expect From This Year’s Festival
The 77th Cannes Film Festival is scheduled to begin on May 14. Despite potential Hollywood cutbacks due to last year's strikes and economic challenges, the event promises notable figures and high-profile submissions. Expecting a diverse lineup, Cannes personnel are actively pursuing additional titles, including potential blockbusters like George Miller's Furiosa.
Industry
Two in One: Realscreen and NATPE Align Schedules for 2025
Starting in 2025, Brunico Communications will align NATPE Global and Realscreen Summit events at the InterContinental Hotel in Miami, providing a comprehensive market experience for attendees. The events will feature individual agendas before converging for a day, with this collaborative approach extending to future events like NATPE Budapest. This strategic alignment aims to optimize industry networking and business opportunities, catering to the evolving needs of media industry clients and buyers.
International
Looking Ahead: U.K. Exhibitors Optimistic About 2024
Despite 2024’s light movie schedule, the U.K. exhibitor sector shows signs of recovery, noted at the record-attended U.K. Cinema Association conference. Positive trends in the U.K.-Ireland box office indicate a healthier and more diverse marketplace. Challenges persist in engaging specific demographics and boosting awareness, but anticipated increased box office earnings and growing interest in repertory and event cinema releases bring promise.
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