Directors, producers and writers of feature films supported with Lottery funding through the BFI Film Fund are each set to reap the rewards of the film’s success, thanks to a new deal struck by Directors UK, Pact and The Writers’ Guild of Great Britain.
Up to a 37.5% share of BFI’s recouped income from supported film productions is put into a ‘locked box’, where it is held by the BFI and available to be drawn down for developing and producing future film projects – ensuring revenue from successful BFI-backed films is invested directly back into the British film industry, and enabling those responsible for the film’s success to create more film projects.
Working together as The Filmmakers’ Alliance, Directors UK, Pact and The Writers’ Guild have agreed that the recouped income from BFI Lottery-backed productions that is held in the locked box will be split three ways, with directors, writers and producers each guaranteed a minimum share of 12.5%.
Locked Box revenue shares must be used for reinvestment in film development and production. Writers, directors and producers are free to reinvest their guaranteed share collectively or independently of each other.
The agreement takes immediate effect and will be reviewed in 2017.
BFI CEO Amanda Nevill said: “Rewarding success and giving talented writers, directors and producers the creative and financial autonomy to develop and produce future projects is absolutely key to many of the plans we set out in Film Forever. I’m so pleased to see this agreement come into force and I’m looking forward to seeing exciting new projects which have been borne of success”.
Directors UK CEO Andrew Chowns welcomed the agreement, saying: “This deal is important because it brings together the three key creative film makers on every BFI Film Fund supported film production. It aligns their interests in making their film as successful as possible and ensures the success of one film can be transferred into their development and production of new works”.
John McVay, Chief Executive of Pact, said: “This is a very beneficial way to ensure that all the key creative partners in the creation and production of British films can share in the success and reinvest the funds into new film projects or activities”.
Olivia Hetreed, President, Writers’ Guild of Great Britain, said: “The Writers’ Guild of Great Britain is delighted to be a partner in this initiative with Directors UK and Pact. The ability to use creative success to create more funding possibilities for development, the most hard-to-fund area of film-making, is a critical step in turning a dependent film culture into a genuinely diverse and independent one. We applaud the BFI in taking up the Film Policy Review recommendation and trust that other publicly funded institutions will follow suit”.