Study reveals the South African film industry has a positive Economic Impact on the economy.
27/06/2017
Study reveals the South African film industry has a positive Economic Impact on the economy.
Johannesburg, 14 June 2017: The National Film and Video Foundation (NFVF) today released findings of their second Economic Impact Assessment study which reveals the industry's economic contribution to the country's GDP over a four-year period. The study, conducted by Urban Econ in the 2016/17 financial year, identifies and quantifies the economic impact of the film and television industry between January 2013 to March 2017.
This study is a follow-on to the first (baseline) study released by the NFVF in 2013. Results from this four year study reveals that, during the 2016/17 financial year, the film industry in South Africa had a R5.4 billion contribution to the GDP, compared to the R3.5 Billion in 2013. In total, the operations of the film industry in South Africa raised the level of production by approximately R12.2 billion, an overall positive impact.
The total investment or expenditure made in the South African film industry in the 2016/17 financial year resulted in the following economic benefits:
An increase by a multiple of 4.9 in the employment multiplier for every R1 invested. Therefore, the success of the South African film industry is as a result of an increase in employment opportunities.
Contributed to the GDP by R 5.4 billion
A direct impact of R4.4 billion on economic production lead to an increase of approximately R12.2 billion on total production in the economy.
The net operational expenditure produced in the four financial years analysed in the study amounted to R17.5 billion.
The total number of jobs crafted amounted to 21.626
Over the last decade, the development of policies that promote economic growth have become an integral part of the public sector. The study further reveals key trends that play a role in the industry's contribution to the economy. Film productions are seen to be Gauteng, Western Cape, and KwaZulu-Natal based with little to no income generating activity in the Northern Cape, Free State, North West, and Mpumalanga. 2
Common funders are public institutions such as the Department of Trade and Industry (dti), the NFVF as well as the Industrial Development Corporation (IDC) but the study also identified a rise in funding from the private sector. 32.4% of funding mainly equity financing, as well as commissioning and pre-sales. As a result of the high risk involved in issuing loans gap funding, at 8.5%, is the lowest form offered.
Feature films and documentaries comprise 27.3% and are the largest segments of the industry. Animation comprises the smallest segment of the industry at 3%. The South African film industry is among the oldest in the world and has taken leaps to secure its place in the global market. However, this fast growing 21st century industry remains at risk of leaving most of its human capital behind as it remains one of the most untransformed industries in the country.
Zama Mkosi, NFVF CEO said: There is a strong need for transformation in our industry. If the industry is to continue the same growth trajectory that has been witnessed in recent years, it should focus on transformation. Gender representation in particular remains low. The number of black female-owned companies has remained stagnant. While this not only affects representation in terms of the content that is produced and protagonists therein, it stands to say that economically, PDIs are still not well-represented within the film and television sector. Another concern is that while we appreciate international investment, the level of skills development and transfer from these companies is not making a real impact when it comes to training.
The study recommends that the industry focus on transformation, creating a skills development programme geared towards young, black film makers. The aim of the programme would be to shift the current mind-sets of filmmakers from that film making is merely a form of art, to help them start focusing on film making as business, therefore obtaining the necessary skills required to run a business such as financial management and identification of new business opportunities, Aifheli Makhwanya, Head of Policy and Research at the NFVF said. We have found that persistent view among upcoming filmmakers is that filmmaking is just an art is one of the biggest hindrance to growth in this sector .
To download the full report visit http://nfvf.co.za/home/22/files/2017%20files/NFVF%20Economic%20Impact%20Study%20Report_14_06_2017.pdf
Ends.
Editorial information:
For more information and media interview requests, please contact:
National Film and Video Foundation
Communications coordinator
Neo Moretlwe
Tel: +27 11 483 0880
Email: neom@nfvf.co.za
The Communications Firm
Zanele Nhlapo
Account Manager
Tel: +27 11 463 7550
E-mail: zanele@tcf.co.za 3
About the NFVF:
The National Film and Video Foundation (NFVF) is an agency of the Department of Arts and Culture that was created to ensure the equitable growth of South Africas film and video industry. We do this by providing funding for the development, production, marketing and distribution of films and also the training and development of filmmakers. In addition, the NFVF commissions research and produces industry statistics that provide both the public and stakeholders with valuable insights into the South African film industry.
NFVF's main objectives:
Increase the number of South African films and Previously Disadvantaged Individuals (PDIs) producing them:
Increase audience access to South African films
Increase the number of people trained in the industry, particularly in areas of scarce skills
Promote the South African Film Industry locally and internationally
Promote social cohesion and the expression of the
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
03/05/2024
Fubo Loses Subs in Q1 But Exceeds Guidance and Reduces Losses
NEW YORK FuboTV reported that it lost 110,000 subs in Q1 2024 but it exceeded its guidance for the quarter with double digit year-over-year increases across key...
03/05/2024
Only 3 Weeks Left To Enter The Creative Industries Most Award
Only 3 Weeks Left To Enter The Creative Industries Most Award Brie Clayton May 3, 2024 0 Comments Creativepool is giving a last call to the creative i...
03/05/2024
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear Brie Clayton May 3, 2024 0 Comments By 2032, the esports market is expec...
03/05/2024
The Business of TV News: Shannon Bream Singles Out Key Issue in 2024 Election
WASHINGTON Shannon Bream, Fox News Sunday anchor and chief legal correspondent, sat for a keynote chat at The Business of TV News, with Tom Umstead, senior co...
03/05/2024
ABC News Anchor Martha Raddatz Says Local News Is Everything'
WASHINGTON Asked how important is local news, Martha Raddatz, who has covered foreign conflicts for decades and moderated presidential debates for ABC News, s...
03/05/2024
Paramount Stock Jumps on Report of $26 Billion Bid From Sony Pictures and Apollo Global
Sony Pictures and Apollo Global Management have made a $26 billion cash offer fo...
03/05/2024
CBS Shares 2024-2025 Schedule
CBS announced its 2024-2025 primetime schedule, which features the new dramas NCIS: Origins, Matlock and Watson, and new comedies Poppa's House and Georgie ...
03/05/2024
Fubo Continues To Reduce Red Ink Despite Losing 110,000 Subs in Q1
Sports-focused streaming service Fubo said it reduced its red ink in the first quarter, despite losing 110,000 subscribers since the end of the year....
03/05/2024
Walmart Ready to Release 4K Hybrid Streaming/Smart Speaker
Walmart is reportedly about to release a new 4K streaming box/smart speaker hybrid device for Google TV that could retail for as low as $50, according to a repo...
03/05/2024
Limecraft updates content delivery platform
Enhancements to its Delivery Workspace solution provide increased content delivery robustness and security By Matthew Corrigan Published: May 3, 2024 Enha...
03/05/2024
Sony and Apollo submit $26 billion bid for Paramount Global
According to reports, if the bid is successful, Sony would be the significant majority shareholder of the new private company By Jenny Priestley Published: M...
03/05/2024
Global Academy launches Manchester media school
Located in Manchesters Spinningfields district, the course aims to equip students with the skills, knowledge and industry insight for a career in the creative s...
03/05/2024
New Lightbridge C-Move Core
Lightbridge has created a new Cine Reflect Lighting System kit, dedicated to enabling artistic lighting with consideration of today's productivity practical...
03/05/2024
KPBS Modernizes Infrastructure With Major AES67 Control R...
Broadcast media systems integrator BeckTV and Lawo worked together on a large-scale AES67 build of radio control rooms at KPBS, San Diego's NPR and PBS memb...
03/05/2024
SmallHD Free PageOS 6 Update Adds Powerful New Capabiliti...
Raleigh, NC, April 12, 2024 SmallHD announces PageOS 6, a powerful software update free for owners of SmallHD monitors, featuring increased functionality, exp...
03/05/2024
SmallHD Launches Quantum 32 Quantum Dot OLED HDR Referenc...
SmallHD announces the Quantum 32 a new 31.5 OLED monitor designed to provide reference HDR/SDR images for post-production final color grading, as well as cri...
03/05/2024
How WePlay Studios is Transforming the Future of Live Eve...
By 2032, the esports market is expected to grow to $9.29 billion, bolstered by a global player count and fan following that both continue to climb. The 2023 Lea...
03/05/2024
Amagis Latest FAST Report Unveils the Rise of a Diverse G...
Amagi, the global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), today announced that the 11th edition of the Amagi Global FAST Rep...
03/05/2024
WDR Filmhaus to Implement Riedel Infrastructure
Riedel Communications today announced that Westdeutscher Rundfunk (WDR) is relying on a media and intercom network based on Riedel technology for the renewal of...
03/05/2024
TF1 Chooses Broadpeak to Power Targeted Advertising for N...
Broadpeak , a leading provider of content delivery network (CDN) and video streaming solutions for content providers and pay-TV operators worldwide, announced t...
03/05/2024
Limecraft Announces New Platform Update and Preview of MI...
Media technology innovator Limecraft will exhibit the latest updates to its online platform on stand G79 at the 15-16 May 2024 Media Production & Technology Sho...
03/05/2024
Prism Sound Announces Partners For 8 Hours At Rockfield 2...
Audio interface specialist Prism Sound is partnering with console manufacturer Solid State Logic, professional monitor manufacturer PMC and acoustic panel and d...
03/05/2024
Intinor brings excellence in contribution streaming to MP...
Intinor, Sweden's leading developer of products and solutions for high-quality video over the internet, is set to join forces with its UK partner Zest Techn...
03/05/2024
NAKIVO Reports 10 Percent Revenue Growth in EMEA Region
NAKIVO Inc., a fast-growing software company dedicated to protecting physical, virtual, cloud, and SaaS environments, announced its Q1 2024 financial results to...
03/05/2024
Hiltron Introduces Field-Upgradable Motorisation Kit for...
Hiltron Communications announces an addition to its range of satellite communication products and systems: a field-upgradable motorisation kit specifically desi...
03/05/2024
LiveU Showcases Story-Centric Workflows and the LiveU Eco...
Visit LiveU at Stand D30 With this year an exceptional one for major sporting events alongside multiple, key elections, the power and flexibility of LiveU'...
03/05/2024
Agile Content appoints Koldo Unanue as new CEO to boost t...
Agile Content, the leader in the development of technology and solutions for the provision of television services over the Internet, announces Koldo Unanue as i...
03/05/2024
Fubo, Dish, DirecTV & Others Urge Congress to Probe New Sports Streaming JV
Eight co-signers representing streaming services, pay TV operators and public interest groups have sent a letter to Congressional leaders urging their Committee...
03/05/2024
Brightcove Integrates AWS-Powered Generative AI Solution
BOSTON Brightcove has announced that it has implemented Amazon Q Business, a new generative AI assistant on Amazon Web Services (AWS)....
03/05/2024
CBS Claims 16th Straight Prime Time Viewing Title
NEW YORK CBS has declared that it will finish the 2023-24 season as Americas Most-Watched Network in primetime for the 16th consecutive season....
03/05/2024
Survey: U.S. Business and Consumers Plan to Increase Tech Spending
A new survey indicates that U.S. businesses and consumers had an overall positive attitude towards their technology spending plans in the first quarter of 2024,...
03/05/2024
Sony, Apollo Make $26B Bid for Paramount
Sony and Apollo Global Management have sent an offer letter to Paramount Global's board of directors making an $26 billion all cash offer for Paramount Glob...
03/05/2024
EMG / Gravity Media Grow Executive Team
EMG / Gravity Media has appointed Charlie Cubbon chief operating officer (COO) and Jamie Hindhaugh regional CEO for the U.K., U.S., Australia and the Middle Eas...
03/05/2024
WRAL-TV Brain Game Producer Randy Mews Wraps Season Taping Before Retirement
Final 2024 Season Games to Air Saturdays on WRAL at 10:30am in May, Championship on June 1 Taping for the final episodes of the 2024 season of WRAL-TV's Br...
03/05/2024
Estrella MediaCo Launches FAST Channels With Curiosity (NewFronts)
Estrella MediaCo said it is expanding its connected TV portfolio by launching three new channels with Curiosity that will first appear on Samsung TV Plus....
03/05/2024
SAG-AFTRA Will Use Nielsen Streaming Data To Enforce New Contract Terms
Nielsen said that actors' union SAG-AFTRA has selected Nielsen as its third-party provider of streaming content measurement....
03/05/2024
Cineverse Moves AI Content Search Tool cineSearch Into Public Beta
Cineverse said it has released a public beta version of cineSearch, its artificial intelligence-based system designed to help users find content to watch....
03/05/2024
Court TV To Debut Season 2 Of Accomplice To Murder May 5
Court TV said that its series Accomplice to Murder with Vinnie Politan is returning for a second season beginning May 5....
03/05/2024
Paramount Advertising Taps Mastercard, EDO for Attribution
Paramount Advertising said it is working with Mastercard and research and analytics company EDO to measure the impact of advertising campaigns and improve their...
03/05/2024
The Business of TV News: How To Grow Local Programming Without Burning Out Staffers, Viewers
WASHINGTON The panel The Growth of Local Programming happened at The Busines...
03/05/2024
Katz Media Group Names Craig Broitman President
Katz Media Group said that Craig Broitman will become president of the company, succeeding Leo MacCourtney, who announced that he is retiring effective July 1....
03/05/2024
MeTV Toons To Debut This Summer
MeTV Toons, the latest digital broadcast network from Weigel Broadcasting, will debut June 25, Weigel vice chairman Neal Sabin said at a virtual press conferenc...
03/05/2024
Creativity and color tools. Toronto. 30 May 2024
Join Alter Ego and FilmLight for an exclusive afternoon focusing on creativity and color tools - followed by drinks at The Ruby Soho Bar. Thursday 30th May, fr...
03/05/2024
2024-05-02
CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $...
03/05/2024
Prison Journalism: A glimpse into South African prisons
Prison Journalism: A glimpse into South African prisonsDavid van Nek was incarcerated in Pollsmoor Prison from 2013 until 2015 and participated in the restorati...
03/05/2024
Prison Journalism: When your time in prison gets hard
Prison Journalism: When your time in prison gets hardFawaaz Adendorff was incarcerated in Pollsmoor Correctional Centre and participated in a Restorative Justic...
03/05/2024
Baby Reindeer: What's all the fuss about Netflix's hit series?
Baby Reindeer: What's all the fuss about Netflix's hit series?Netflix's new miniseries Baby Reindeer is trending on Netflix and it's the kind ...
03/05/2024
Tonight on House of Zwide: Makho, the hitman, turns out to be an old friend of Isaac's
Tonight on House of Zwide: Makho, the hitman, turns out to be an old friend of I...