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Film industry adds R3.5bn to SA economy

Cape Town - South Africa's film industry has grown significantly since 2005, contributing R3.5bn to the national economy in 2012, according to a study conducted by Deloitte for the National Film and Video Foundation (NFVF).

Further growth is expected over the next five years and will also benefit the local niche insurance industry, according to Clive Shelver, managing director at Film & Entertainment Underwriters.

“South Africa offers a combination of solid film infrastructure, attractive financial incentives with a favourable exchange rate, a sunny climate and a wide diversity of spectacular locations," said Shelver.

“Due to these factors, we have seen a significant rise in the number of films being made in the country."

The NFVF study revealed that more than 60 films were made in South Africa in 2012, substantially up on the five that were produced in 2005, when the internationally acclaimed movie, Tsotsi, won an Oscar.

Financial incentives introduced by the government have made South Africa even more appealing to foreign filmmakers.

“The thriving local film industry has also had a positive impact on job growth, with the study indicating that an additional 2 175 full-time equivalent (FTE) jobs have been created and that there are 2 500 direct service providers in the industry," said Shelver.

"There is also an abundant skills base in the country with a healthy number of advertising and television professionals."

In addition, more and more South African filmmakers are learning to produce animated movies. Adventures in Zambezia by Cape Town-based animation studio Triggerfish is an example.

Shelver said the local niche insurance industry will also benefit as they are far more familiar with the specific risks. This includes location and seasonal changes.

For example, Cape Town is prone to extreme winds, while Gauteng can be subject to electrical storms.

“With the South African film season having just begun, and running until about April next year,” said Shelver.

 - Fin24


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