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Sky to build huge new Elstree film studio

Sky to build huge new Elstree film studio
Business
Hit shows such as The Crown have been filmed using UK facilities as the battle between Netflix, Amazon and streaming services has heated up.

Sky spends £7bn annually on production in Europe, including football rights, and plans to double the amount it spends on making its own content to £1bn per year by 2024.

Sky Studios chief executive Gary Davey said the decision to build the studios was driven by customers hunger for high quality original content.

It was hard to keep up with the increasing demand for high quality content, Mr Davey said. It typically takes three years to bring a project to the screen, he said.

Image caption Chernobyl, a Sky HBO joint production, took ten years to make, Mr Davies said.

He said recent successes such as Chernobyl, and HBO smash-hit Game of Thrones, had a high proportion of European actors, and showed US audiences were ready to embrace productions made overseas.

Elstree already has access to UK production talent, he added.

The UK has one of the leading film industries in the world. According to the British Film Institute (BFI), , a 23% share of the global box office take.

The existing Elstree studios, which started to be built in 1925, were used by George Lucas when he filmed the original Star Wars trilogy.

Those studios, in Borehamwood, Hertfordshire, are owned by Hertsmere Council.

The new Sky studies will be located close by on land owned by Legal and General, which will fund the development and lease the studios back to Sky.

Nigel Wilson, chief executive of Legal and General, said the plans were "another development in the modernisation of British industry".
Read more on bbc.com
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