BC Film + Media Report Highlights Importance of a Strong Domestic Sector
Vancouver, British Columbia - In light of the rising Canadian dollar and the resulting vulnerability experienced by the service sector of the film and television industry in British Columbia, a report recently released by BC Film + Media highlights the need to continue to build the province's BC owned and controlled domestic sector.
In 2003, approximately 88% (or $1.2 Billion) of all spending on film and television in British Columbia was from foreign sources. As noted by BC Stats in August 2004, "this dependence on highly mobile foreign production underscores the need to strengthen the domestic sector of the film and television industry". Strengthening the domestic sector is a key strategy in ensuring the long term sustainability of the film and television industry in the province.
Film and television contributed a total $1.4 Billion in production expenditure into the provincial economy in 2003. The expenditure is comprised predominantly of inward investment from the United States. The overall economic impact of this sector is estimated to be $4.9 Billion in 2003/04. Over 35,000 British Columbians are now employed in film and television production and many more contribute to the provinces' technologically advanced post-production, special effects and new media businesses.
"The challenges currently being faced by the service industry have once again underlined the importance of developing the talent, expanding the infrastructure and enhancing the competitiveness of the domestic industry - the domestic industry is part of the solution. There is a pressing need for the development of a coherent and comprehensive national strategy which galvanizes stakeholders in the domestic industry and addresses the needs of the film, television and new media sectors of our economy", said Rob Egan, President and CEO.
As outlined in the organization's 2003/04 Activity Report, BC Film + Media is striving to meet the needs of the domestic film and television industry in order to assist British Columbia companies in meeting competitive challenges. Core objectives include sustaining and growing a competitive domestic film and television industry, supporting the development and marketing of high quality, commercially viable BC Film + Media and television projects, and enhancing the ability of British Columbia production companies to secure financing to move projects into production.
BC Film + Media is a privately administered non-profit society established in 1987 by the provincial government with a mandate to expand and diversify the cultural industries of film and video in British Columbia. The Society acknowledges the financial assistance of the Province of British Columbia through the Ministry of Small Business and Economic Development.
Media Contact: Kate Perkins
(604) 808-6283 or firstname.lastname@example.org