The New Zealand Film Commission (NZFC) today released key economic highlights which reinforce the screen industry’s value to the New Zealand economy.
Economic modeling undertaken by the New Zealand Institute of Economic Research (NZIER), based on the most recent available data (2015), estimates that without the International New Zealand Screen Production Grant (NZSPG) exports would shrink by $257 million, household consumption by $144 million and real GDP by $176 million per annum.
Overall the screen industry overall contributes around $1.05 billion to real GDP and around $706 million to exports annually. The report also highlights the spin-off economic benefits for other industries such as tourism and screen infrastructure.
Todd Krieble, Principal Economist at NZIER says, “This is the first time NZIER modeling has been applied to the screen industry and it shows the very positive contribution of the New Zealand Screen Production Grant to the New Zealand economy, and as such demonstrates it is an effective industry policy.”
The report was commissioned by NZFC and was funded by the Ministry of Business Innovation and Employment (MBIE), Ministry for Culture and Heritage (MCH), New Zealand on Air, Wellington Regional Economic Development Agency (WREDA) and Auckland Tourism, Events and Economic Development (ATEED).
The findings demonstrate the economic impact of the screen industry, and in particular the value of the NZSPG in attracting international screen projects to New Zealand. The International NZSPG, introduced in April 2014, encourages medium to large budget productions to locate in New Zealand.
Feature film Disney’s A Wrinkle in Time, which shot on location in New Zealand’s stunning South Island including Lake Hawea and Aoraki, Mt Cook releases in March 2018. While in production, the cast showcased New Zealand on their social media channels, reaching an estimated organic reach of over 86 million people.
Two new sound stages are taking shape at Kumeu Film Studios and will be ready for use early in 2018. The development was made possible by a four-way partnership between, ATEED, NZFC, Warner Bros. Pictures and Gravity Pictures to develop the privately owned Kumeu Film Studios as a part of the New Zealand Screen Production Grants 5% uplift.
NZFC CEO Dave Gibson says, “We are committed to updating the report each year so we can continue to tell the industry’s story and respond accordingly to the industry’s changing landscape.”