BREXIT: Was it a Bad Bet for the UK Entertainment Industry?
BREXIT: Was it a Bad Bet for the UK Entertainment Industry?
Last week ended with shocking news for most of the Europeans: the United Kingdom of Great Britain and Northern Ireland (the UK, in short) has voted to leave the European Union. The impact of the historic vote was felt by the market: the pound has slumped to the lowest value in a decade, and the FTSE 250 index lost more than 11% in an instant. But the long-term effects of the UK leaving the EU are still a mystery. Still, let's try to look a bit into the future, and try to predict how the changes to come will affect the UK's entertainment industry.
Video games
The UK's interactive entertainment industry will do its best to mitigate the shock of leaving the EU, according to Jo Twist, CEO of the Ukie (UK Interactive Entertainment), a trading industry protecting the welfare of the industry. In a press release issued on the day after the vote, the Ukie assured its partners to make the most of the post-EU times that will come.
"Ukie is committed to ensuring the UK is the best place in the world to make and sell games, and although this decision and the political uncertainty it brings will have an impact on our businesses it is important to remember we are already a globally successful sector and a leading exporter in the digital economy," the press release issued by the UKIE reads. "Ukie will continue to work hard with colleagues in government to ensure we continue to have the best possible business environment and we will be following developments closely as well as advising members as they unfold."
Online gambling
The United Kingdom is one of Europe's largest online gambling markets, and home to some of the biggest companies in the industry. These companies are all operating under a license issued by the UK government, which means that their players will be able to access their services without any restrictions even if the country leaves the UK. But when it comes to offshore operators, things will most likely change. Gaming destinations like the Royal Vegas online casino will most likely close their doors in front of UK players, thanks to licensing issues and the restrictive regulations on the UK gaming market.
Film and TV
The United Kingdom didn't have a massive film industry - it mostly provided international corporations with talent, both in front of and behind the camera. This is unlikely to change after the BREXIT - on the contrary, the cheap pound might determine other companies to head over to the UK to produce more quality shows.
When it comes to TV, especially some of the most popular BBC series today, things look a bit different. Doctor Who and Sherlock fans are probably very concerned about the effects of the BREXIT on their favorite shows. They can rest assured: the BBC is unlikely to be affected too much of the change. And even if it is, it will most likely hang on to its most valuable assets - Time Lords and detectives.
