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CinemaNX films have yet to make us a profit

 

NONE of the films made when the Media Development Fund was managed by CinemaNX have yet seen a profit on their investment.

A total of 19 films were produced under the management of CinemaNX with the amounts invested ranging from £173,273 for Welcome to England to more than £12 million for Me and Orson Welles.

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Figures outlined in written reply by Treasury Minister Eddie Teare in response to a House of Keys question from Kate Beecroft (Lib Van, Douglas South) reveal that there have been no profits made on any of these productions so far and many are a long way from recouping the investment made.

Me and Orson Welles, for example, a 2008 period-drama film directed by Richard Linklater and starring Zac Efron and Christian McKay, has seen £2,285,561 recouped as at the end of September on the original investment of £9,550,000 and $4,400,000.

However, Wild Target, a 2010 comedy/thriller starring Bill Nighy, Emily Blunt and Rupert Grint has recouped £2,358,764 of the original £2,825,847 investment.

Mr Teare said: ‘The recoupment of investment in any film production is by its very nature a medium to long term return.

‘One a film has been produced income is derived through sales, royalty payments and other media related products over an extended period of time and due to this it is not possible to state categorically in the short term whether a film has made a profit or loss.’

The Media Development Fund is now managed by a subsidiary of Pinewood Shepperton following a Tynwald-approved deal.

Mrs Beecroft has tabled six further questions for oral answer on Pinewood for Tynwald this week. Meanwhile, Liberal Vannin is querying many aspects of a report into the finances of the deal.

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