Recent research examining the understanding and management of risk in the film industry by Dr Michael Franklin features in the newly released work of the British Film Institute (BFI) Commission on UK Independent Film.
On July 18 the BFI launched a much-anticipated report from the Commission that proposes measures to boost Independent Film. The Commission was chaired by Zygi Kamasa, the Lionsgate UK CEO, and its launch was supported by Margot James, Minister for the Digital and Creative Industries.
The Commission’s report investigates the challenging landscape of UK Independent Film and draws on Dr Franklin’s research in multiple areas, including innovation and strategy:
“We welcome the recommendations in the Franklin report and propose that the BFI works with the Department for Digital, Culture, Media and Sport (DCMS), alongside other industry partners, to develop a better understanding of blockchain. This could form part of a wider discussion on the transformational potential of comprehensive film data sets for business, and how over time they may lead to a much closer relationship between filmmakers and audiences/consumers.
We also welcomed the remarks in the Franklin report regarding the need for more strategic use of information: “What is required is the development of new, coherent mechanisms for collecting, processing and disseminating industry data so that, subject to genuine considerations of commercial sensitivity, the benefits of such data become accessible to all businesses across the film value chain.”
It is noted to sit alongside Dr Franklin’s work and that of Olsberg SPI in examining this vital area of the UK’s creative industries.
Details of the risk research can be found in this publication: Examining the Understanding and Management of Risk in the Film Industry and in a synthesis of its discussion and related issues by Dr Martin Smith of ICCE.
In addition to the BFI Commission’s adoption of recommendations regarding issues of technology and data, a number of other areas echo findings from the ICCE research.
Of particular import are the dual concentrations on increasing the scale of independent UK films, and on intervention to improve development support. The recognition of the need to address budget, release and business capacity scaling, in connection to knock on effects of revenue access is vital. The ability to access recoupment streams, reinvest into development and then package films successfully is part of a desired virtuous circle. These elements contribute to the area designated as Proposal number 1 in the BFI report: Maximising the value of rights, in which the ICCE research is quoted front and centre.
As well as the inclusion of research outcomes in the above areas, about which more details are available in Sections 6 and 7 of the ICCE report, the importance of institutional accreditation and sector knowledge base are also recognised.
Highlighting expertise in company evaluation and performance monitoring as needs for increasing investment in an undercapitalised sector, along with institutional recognition for financial information are ICCE research findings further represented in Proposals 3 and 4 by the BFI Commission.
It will be exciting to see the future impact of the Commission and its stated desire for evidence led action. Dr Franklin will be working further with international industry leaders at the 20th Mallen Conference in Filmed Entertainment Economics to address “pressing issues in the film industry” examining the “mechanisms and processes contributing to the successful creation, management, and marketing of entertainment”. You can find out more about this field and related work at www.filmriskresearch.com
Dr Michael Franklin