Friday morning it was announced that voters in Great Britain decided to leave the European Union, which is causing great concern for many about what will happen to film and media industry.
According to Michael Ryan, the chairman of the Independent Film and Television Alliance, it could be an issue.
“The decision has just blown up our foundation. As of today, we no longer know how our relationships with co-producers, financiers and distributors will work, whether new taxes will be dropped on our activities in the rest of Europe or how production financing is going to be raised without any input from European funding agencies. The U.K. creative sector has been a strong and vibrant contributor to the economy — this is likely to be devastating.”
Harvey Weinstein also shared that he was “shocked” by the Brexit vote.
“I think there will be discrimination now against some of the product and what it means to be European product…it could be very costly in the movie and TV industry in terms of content branding.”
The vote could also however make it a lot cheaper for Hollywood to shoot films in Britain, but then again it could also affect the box office profits over there.
More in News
Demi Lovato Remains in the Hospital After Overdosing Last Week
Demi Lovato is still in the hospital following an overdose that took place last week. The star is still expected to...July 31, 2018
Madonna Launches a Malawi Fundraiser to Celebrate 60th Birthday
Madonna is launching a fundraiser for Malawi in celebration of her 60th birthday. The fundraiser will be held online in partnership...July 31, 2018
Kesha Documentary Heading to Apple Music
A Kesha documentary will soon be released on Apple music. The project is entitled Rainbow – The Film, and will provide...July 30, 2018
Justin Bieber Hints that a Wedding is Just Around the Corner
Justin Bieber has hinted that his wedding to Hailey Baldwin is just around the corner. A paparazzi recently asked the singer...July 30, 2018
The ‘Guardians of the Galaxy’ Cast Stands Up for Their Embattled Director
It’s been more than a week since news broke that Disney had axed James Gunn for a series of tweets he...July 30, 2018
Netflix Announces Four More Original TV Shows
Netflix has announced that they will be adding four more original TV shows. One of the new shows is called Madam...July 30, 2018