Pinewood Studios: Business Case and Economic Impact Assessment
Pinewood Studios: Business Case and Economic Impact Assessment
Pinewood Studios: Business Case and Economic Impact Assessment
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<strong>Pinewood</strong> <strong>Studios</strong> Ltd<strong>Pinewood</strong> <strong>Studios</strong>: <strong>Business</strong> <strong>Case</strong> <strong>and</strong> <strong>Economic</strong> <strong>Impact</strong> <strong>Assessment</strong>January 2013Table 4.14: Contribution to policyGovernmentpolicyInternationaltrade <strong>and</strong>investmentInnovation,clustering <strong>and</strong>technologyKey objectivesparticipation of 16-24yr oldsEncourage growth in keysectorsBritain Open for <strong>Business</strong> (UKTI,May 2011)Increase inward investment<strong>and</strong> exportsDevelop/promote key sectorspecialismsEncourage supply chainopportunitiesClusters in the UK, BIS (March2012)Cluster developmentInnovation <strong>and</strong> Research Strategyfor Growth, BIS (Dec 2011)Development of innovativebusinessesImplications of PSDF for policy deliveryfor the economy.The proposed expansion will assist in the future growth ofthe film, television <strong>and</strong> screen-based industries which will inturn have an impact on the overall growth of the UKeconomy.At present the creative industries currently account for10.6% 77 of the country’s exports, with TV <strong>and</strong> radiocontributing 2.6% <strong>and</strong> film, video <strong>and</strong> photographyaccounting for 1.9%. Given their market size, film <strong>and</strong>television are recognised as being of significant <strong>and</strong> growingimportance to the UK economy <strong>and</strong> therefore to delivery ofthe Government’s Trade <strong>and</strong> Investment Strategy.During 2011, the UK attracted over £1bn of film inwardinvestment, which primarily came from a small number ofmajor films. <strong>Pinewood</strong> is a world leader in accommodatingsuch productions <strong>and</strong> one of only four studios in the UK withthe necessary facilities. However, there is evidence that filmproducers are going elsewhere due to capacity issues at<strong>Pinewood</strong>. The proposed project will enable <strong>Pinewood</strong>, <strong>and</strong>therefore the UK, to consolidate <strong>and</strong> further develop itsmarket position (particularly with regard to the increasinglyimportant major film segment).In addition, the project will also potentially deliver widerinvestment benefits as a result of the important role that theFilm/TV industry, <strong>and</strong> the creative Industries more generally,play in establishing <strong>and</strong> reinforcing the UK’s image <strong>and</strong>‘br<strong>and</strong>’.The development of <strong>Pinewood</strong> will result in growth of theexisting wider cluster 78 <strong>and</strong> specific hub of creative industrybusinesses on site, which will facilitate the sharing of ideas<strong>and</strong> collaboration between businesses, the development ofnew products <strong>and</strong> services <strong>and</strong> the creation of new marketopportunities.Investment in state of the art facilities will improve the roleof <strong>Pinewood</strong> in acting as a key catalyst for growth,innovation <strong>and</strong> skills development within the industry. Thestudios will become increasingly attractive as a businesslocation for leading edge companies, which will help tostimulate further innovation in the sector.7778DCMS Creative Industries Statistical Release Dec 2011Defined by Porter as ‘geographic concentrations of interconnected companies, specialised suppliers, service providers, firms in relatedindustries, <strong>and</strong> associated institutions in fields that compete but also co-operate.’ Competitive Advantage of Nations, Michael Porter (1990)65
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