Blackstone: As streaming services climb and climb, there is a race for space for film production
Britain is known across the globe as a hub for the creative industries – and one of the best places to make film and television. It has a rich history, with productions from Harry Potter and James Bond, to Indiana Jones and Star Wars dazzling audiences across the world. It’s also an industry undergoing extraordinary change and growth, and British creators are working hard to shape it and create a future rich with innovation.
In 2018, the creative industries contributed over £100bn to the UK economy, according to Government data. Even before the pandemic, the sector was growing seven times faster than the national economy as a whole. Over the last year, with most of us consigned to our sofas, demand has been driven even higher by the relentless momentum of streaming services.
As a result, the way content is created has had to change in order to keep up with demand. While there has been no shortage of ideas for new series and movies, production companies have been strapped for studio space. According to some estimates, the UK will need an extra 2 million square feet of studio space by 2032 to keep up with production demand.
To help address this, a 91-acre site in Broxbourne, Hertfordshire, will become the next world-class campus for the UK’s largest and most ambitious productions. Together with our partner, Hudson Pacific Properties, Blackstone plans to transform it to create 4,500 jobs in Broxbourne and the surrounding community and contribute more than £300m to the local economy.
This isn’t our first foray into film and television. The new location will be an extension of Hudson Pacific and Blackstone’s Sunset Studios venture, which is one of the largest independent studio operations in Los Angeles. It manages almost half of all studio space in Hollywood, and attracts some of the biggest names in the industry.
In the past, the booking of studio facilities has been managed selectively, on a film-by-film basis, with production companies booking locations in the same way as you would book a meeting room. But with streaming subscriptions topping 1 billion for the first time last year, it’s clear that viewership is going to continue to rise, and demand from consumers along with it. As subscribers continue to devour new content, producers will have to battle to find and film the next Bridgerton or Ted Lasso. That requires a more targeted, long-term and organised approach to production and filming.
The UK has proximity to both on-camera talent and behind the scenes brilliance – and is known globally for having some of the world’s most experienced crews. Blackstone, as the UK’s biggest foreign direct investor over the past 10 years, is committed to backing that talent, and helping Britain to cement its place as a global leader in this exciting industry.
Britain’s creative industries are booming and open for business. The next generation of award-winning entertainment will build on this nation’s deep history of creativity – and take the world by storm from the UK.