The Strategist

Spectre and Star Wars: Episode VII Brought Record Profit to Pinewood Studios

12/03/2015 - 15:06

Pinewood Studios’ operating profit for the first six months of this year increased from 2.5 million to 7 million pounds ($ 3.77 million and $ 10.6 million respectively) compared with the same period in 2014. This is due to use of the studio facilities for shooting "Star Wars. Episode VII: The Force Awakens" and "Spectre" (the last part of the James Bond franchise). At the time, the studio’s revenue fell slightly - by 0.7% to 38.2 million pounds ($ 57.6 million).
Pinewood Studios, Shepperton Studios and Pinewood Studio Wales together own 37 sets and three digital studios, making the group the largest film and television studio in Europe. Recently, the company was allowed to double studio space in South Buckinghamshire and build 12 new film sets. The expansion will cost 200 million pounds over 15 years and will allow the studio to shoot not two, but four movies at the same time. Earlier this year, Pinewood Studios’ manager Ian Dunlevie warned "for us it is still impossible to respond to all requests for filming from the major Hollywood studios" because of the space restrictions.

The world premiere of "Spectre" was held on November 6; its production budget (excluding the cost of promotion and distribution) - $ 245 million. According to Box Office Mojo, the global box office of the film is now about $ 750 million.

The next episode of "Star Wars" will be released in two weeks. The studio itself does not reveal the budget. According to Morgan Stanley, Disney studio would spend on production and promotion of this movie $ 423 million. According to the investment bank’s forecast, " The Force Awakens " may gather $ 1.95 billion across the globe and become the third box office film in the history of the world rolled, next only to "Titanic" and "Avatar."

The film industry is now one of the fastest growing sectors of the British economy. Generally, the industry’s growth was triggered by return taxes imposed by the Government in 2007. It now allows film companies to return about a quarter of the film production costs in the UK. In 2014, there were shooted 36 major international movies and cost of film production totaled a record 1.5 billion pounds, writes Guardian, citing data from the British Film Institute.