Brexit: What Does It Mean for the Media & Entertainment Industry?
Britain’s Referendum decision to exit from the European Union (“EU”) is likely to have wide ranging implications for the media and entertainment industry, impacting key industry players from the UK, the EU and the United States. Questions abound, including: the future of content funding arrangements; programme portability; tariffs; movement of people and services; copyright law; privacy; data portability and regulation.
Industry leaders in the UK are coalescing to address many of the questions. Within two weeks of the historic vote, the Creative Industries Council (the “CIC”), a joint forum between the British Government and the UK creative community established a new working group to assess the business-critical priorities for each of the industry’s sectors as well as identify the material issues and opportunities that may arise. The CIC appointed John McVay, the CEO of the UK Producers Alliance for Cinema and Television (“PACT”) to chair the group, which will provide feedback to the CIC and the newly appointed Minister for the Department of Culture, Media and Sport, Karen Bradley. While this effort will seek to support the industry as a whole, industry participants are assessing what Brexit portends in the shorter and longer term.
“ This is a key moment for the creative industries to create concrete proposals that can bring benefits to the UK’s creative industries and ensure that one of the UK’s most successful sectors remains at the top table.”
John McVay, Creative Industries Council and PACT
In this summary, FTI Consulting highlights the issues and potential impact on the media and entertainment industry as a result of the Referendum and the UK’s potential departure from the EU.