What To Expect From The Future Of UK TV Exports
The UK is home to one of the most successful (and respected) TV industries in the world. With the likes of The Office, Doctor Who and the Great British Bake Off originating from the UK, it’s safe to say that the TV industry in this country knows exactly what it takes to make a show boom.
Known for its trendsetting formats and globally-renowned shows, it’s no surprise that UK TV exports made an impressive £1.48 billion ($1.97 billion) in the last year alone!
With each year showing greater revenue increases than the last, what can we expect from the future of UK TV exports? Researchers from Betway Casino have explored this exact question, putting together some findings to help us understand the success of the UK TV industry. We’re here to take a closer look!
The Future Of UK TV Exports
The UK’s entertainment and media revenue is anticipated to increase over the next five years – from £71.3 billion in 2021 to £87.9 billion in 2025, according to Betway researchers. An increase in the number and quality of UK series, as well as a boost in sales for TV exports, is another indication that this is a strong year for British television.
Subscription Video On Demand
Subscription video on demand (SVOD) is also expected to increase, with worldwide subscriptions expected to reach 1.495 billion in 2026. This is excellent news for the UK industry since these on-demand platforms currently account for 38% of all worldwide sales.
The Fear Of Brexit
The UK currently ranks as Europe’s second-biggest television export market. However, as the consequences of Brexit become clearer, this is expected to change in the future. It has already been reported that the EU is attempting to limit the dominance of UK television on the continent in order to promote “cultural diversity” and allow lesser shows from other countries a chance to succeed.
Building Relationships Elsewhere
While the relationship between TV exports and Brexit is currently undetermined, this is a very real risk that a lot of corporations will have to be aware of. Now would be a very good time for the UK to expand on existing trade ties with other export markets. Judging by the stats, the United States, Latin America and Asia could potentially offer the most returns, especially now that streaming services are taking the world by storm. Look at Brazil’s GloboPlay, for example, which has a deal with ITV Studios for over 400 hours of UK programming in 2021!
This research has proved what we already knew – the UK TV industry is unstoppable. With more and more ways to access shows produced in other countries (and the power of social media to spread the word), the future is going to be nothing but strong. With more revenue on the horizon and a whole lot more shows coming our way, the entertainment industry is certainly an exciting one to follow!