A report from accountancy firm PwC estimates that the entertainment and media sector will be worth £76 billion by 2021. With spend in digital media set to increase, the UK is also fast becoming a centre of innovation for Virtual Reality, which is set to soar from $3.9 billion in 2017 to nearly $20bn worldwide by 2022.
How currency exchange can affect the film and media industry
British filmmakers are not only creating box office draws and winning awards, they are also attracting more inward investment from abroad. This investment may come in a foreign currency, which will need to be converted by the UK recipient. In addition, the skilled workforce of expert crew and tax benefits for filming in the UK have increased the number of international co-productions.
Staff themselves, from actors and writers to camera crew and assistants, may also require payment in a different currency should they live overseas or wish to repatriate money abroad.
Each transaction is affected by the foreign exchange market, which in turn is subject to sudden exchange rate shifts. These can alter the value you receive for your international payments, and affect the costs of your business or production.
How we can help your business
If you’re looking to embrace international opportunities and maintain a close hand on your costs, understanding the fluctuations and risks of currency exchange within the media and film industry can help you make the most of global markets and international investment.
Enjoy access to an online multi currency account that allows you to manage your payments and receipts from overseas partners. You can rely on great rates and low fees on all of your currency exchange transactions, while a range of FX contracts are on offer should you wish to further limit your currency exposure.
At Moneycorp, we will assign you an account manager who understands the fast-paced and rapidly evolving film and media industry and will guide you through currency volatility to ensure you're offered a full range of payment solutions tailored to your business needs.