Originally published in Contact, January 2011
The number of films being produced by Hollywood is set
to fall by more than a third as the major studios struggle against
the climate of economic uncertainty. The major threat is from a
lack of funding but a new group of leading Guernsey finance
professionals may have a solution. Jon Taylor reports on a new
government and industry proposition called Guernsey
Film.
According to Hollywood figures, 606 films saw the light of day
in 2009 but in 2010 fewer than 400 will make it out of Tinsel Town.
In the wake of the financial meltdown, banks that had acted as the
main funders of films have withdrawn their lending.
Other lines of income have also shrivelled, most importantly DVD
sales, which have plummeted by up to 25% in some studios, partly as
a result of piracy. Digital downloads and video-on-demand are the
new buzz technologies, but they still bring in tiny amounts
compared with the dwindling DVD market.
