– . – CREATIVE SCOTLAND announces £1 million Film Investment Fund
CREATIVE SCOTLAND announces £1 million Film Investment Fund
Speaking about the announcement, Caroline Parkinson, Director of Creative Development at Creative Scotland described the investment as an attempt “to increase in the impact and reach of films produced in Scotland…”. “Today’s announcement reinforces Creative Scotland’s commitment to invest in Scotland’s creative future and to see the country recognised as one of the world’s most creative nations.”
The new initiatives include:
Sigma Releasing: One of Scotland’s most prolific film production companies has created a new integrated business model which will allow them to co-release their films in the UK. Creative Scotland investment will allow them to contribute to the print and advertising costs of the UK release and allow it to reinvest the revenue generated from distribution across the range of its film activities.
Creative Scotland is investing £250,000 into Sigma Releasing.
‘It’s great to have the resources to collaborate with Icon on You Instead and Arrow on Perfect Sense to support the UK releases and embrace and explore new distribution models and strategies.’ – Gillian Berrie, Director, Sigma Films
The MacKendrick Fund: a co-venture with the existing Aegis Fund and Prescience, this new commercial fund will offer debt and equity finance to domestic and international feature films with Scottish elements, or to be shot or post-produced in Scotland. The fund, which aims to be fully operational later in 2011, will further enhance the package Scottish producers can take to the market, using Creative Scotland investment to provide access to film finance on preferential terms. At the same time, the fund will also attract commercial international feature films of quality to Scotland.
Creative Scotland is investing £500,000 in the MacKendrick Fund.
Claire Mundell, Director, Mackendrick Capital Partners and co-founder of Synchronicity Films said:
‘The strategic support of Creative Scotland is vital as we build this exciting new film funding venture, based in Scotland. We look forward to helping international and domestic producers realise their projects and putting Scotland on the map as an attractive global film destination.’
Tim Smith, Managing Director, Prescience added: ‘Prescience is delighted to be a part of this vital initiative that will allow Scottish projects to gain a greater prominence on the world stage, where they belong.’
The Virtuous Circle (SDI Productions Ltd): a new model to test documentary financing through audience engagement, using a suite of digital tools that will allow producers and filmmakers to engage with potential audiences and investors at every stage of the development, production and distribution cycles of a film. Using crowd-sourcing models, the aim of The Virtuous Circle will be to explore a sustainable international documentary sector in Scotland.
Creative Scotland is investing £100,000 in The Virtuous Circle.
Noe Mendelle, Director, Scottish Documentary Institute said:
‘We are very excited to be given the unique opportunity test these new progressive ideas linked to production and distribution over the next 18 months. We have been observing our colleagues in North America and realised that we have some catching up to do. We look forward to sharing our findings with the documentary community.’
La Belle Allée/Savalas Sound Post Equity Fund: A fund to allow sound post-production facility, Savalas to offer equity investment to attract international production to Scotland and discounts for locally produced feature films. Savalas is the only Dolby Premier studio outside of London and this fund would allow the company to attract large-scale projects and lead to the company becoming an equity stakeholder in the projects they invest in.
Creative Scotland is investing £125,000 in La Belle Allée/Savalas Sound Post Equity Fund.
Karen Smyth, Producer, La Belle Allée
‘La Belle Allée are delighted to be involved in the creation and running of a post-production equity investment fund, alongside Scotland’s leading sound post production facility, Savalas. We look forward to attracting high quality projects to Scotland, as well offering domestic production world-class facilities at an affordable price.’
The new initiatives will help inform Creative Scotland’s future film investment policy.
The organisation also recently announced an increase in its film investment funds, bringing the total available for development and production of film and television in Scotland this year to £3 million.
Further details on Creative Scotland’s investment in film can be found at CreativeScotland.com