REPORT: INVESTMENTS IN FILM AND TV CREATE GROWTH AND JOBS
28 May 2015, Posted by in Uncategorized @en
A new report from Copenhagen Economics shows, that investments in the production of film and tv are money well spent. Annually, each krone invested creates an added value of 3,2-5,8 kroner directly in the film industry and related businesses. These results exceed the expectations when Copenhagen Film Fund was established.
Film and tv are not only quality entertainment on the big screen and in the living room. It is really good business for Denmark. That is evidenced by a new report from Copenhagen Economics that Copenhagen Film Fund is making public today.
“We are working on attracting foreign film- and tv-productions to Denmark. Not only have we succeed – it creates a positive impact in the whole economy of the society. We are really proud of that, and it makes sense to continue that work in the future no matter who is in government after June 18,” Thomas Gammeltoft, CEO of Copenhagen Film Fund, says.
Copenhagen Film Fund was established in June 2013 with investment funds of 35 million kroner over three years. The fund has so far invested 29 million kroner 2013-15, which has contributed to the Danish GNP with an added value of 94-168 million kroner. Every invested krone has thereby contributed an added value of 3,2-5,8 kroner to the GNP.
Paving the way for creative growth
Investing in film- and tv-productions has a number of positive effects compared to other businesses. That is evidenced by the report from Copenhagen Economics, which emphasizes, that film- and tv productions have a relatively large added value per worker and support relatively big secondary effects compared to other businesses.
Outside of Denmark the film- and tv-industry is thought to pave the way for creative growth, because the film- and tv-industriy are the biggest consumer of other creative skills like music, animation, technology etc. Thomas Gammeltoft would like the film- and tv-industry in Denmark to pave the way even more for creative growth.
“There are no other creative industries like the film industry that provide work to other creative industries. Let us capitalize on that fact and invest even more in big Danish and foreign productions. Not only do we have the skills in this country – we are also obligated because we have to create growth and jobs in the future,” Gammeltoft says.
Copenhagen Economics estimates, that Copenhagen Film Fund’s funding of foreign productions is playing an key role in the decision to place a production in Denmark. It is estimated, that up to 75% of the productions that the fund have attracted to date would not have come to Denmark without the fund’s investment.
Copenhagen Film Fund’s investments are based on calculations of the economic effect of every specific production. Investments are made in productions that have the biggest positive effect on the economy and employment in Denmark.