FILM INDUSTRY 2002 – 2006.
Filmed entertainment spending in Australia is expected to increase by 3.3 per cent compound annual rate to 2006, lower than expected growth of 4.7 per cent in the Asia Pacific region and also lower than the global rate of 5.7 per cent, according to PricewaterhouseCoopers Australian Entertainment & Media Outlook 2002-2006.
Australia’s rate of growth reflects the growing number of countries competing for ‘footloose’ productions and the United States’ renewed efforts to combat them; Australia’s highly developed cinema market with limited scope for additional growth; and the growing impact of piracy on home video and DVD.
Nevertheless, Australia’s world-renowned filmmakers, production facilities and locations, competitive costs and package of Government support continues to make Australia an appealing location, allowing us to attract approximately seven per cent of US productions undertaken outside the US.
The Federal Government’s recent package of support to Australia’s production industry and the introduction of the 12.5 per cent refundable tax offset could not have come at a more crucial time. The Government’s support will allow Australians to continue to watch stories about themselves and will offer overseas producers the certainty they need when determining where to shoot their productions.
The Australian box office rebounded strongly following a downturn in 2000. 2001 was a record year at the box office and the Outlook forecasts box office in 2002 to be 8 per cent higher than last year. Nevertheless, cinema will only achieve a 4.5 per cent compound annual growth rate to 2006, with almost all of that growth coming from increased ticket prices, not through greater admissions.
See also:
Australia – Film Market.
