Film & video industry set to recover from Covid-19 pandemicThe National Film and Video Foundation (NFVF), an agency of the Department of Sport, Arts & Culture recently presented the findings of the third Economic Impact Assessment Study (EIAS) which measures the economic contribution of the South African film & video industry to the country's GDP between April 2016 (2016/17) to March 2021 (2020/21). Source: www.pexels.com Part of its mandate to provide relevant public and private sector stakeholders with the relevant industry research into the industry’s economic value, the NFVF’s economic impact assessment study quantifies the contribution of the South African film industry in terms of full-time equivalent jobs created/sustained, annualised employee remuneration, household income and contribution to government taxes. The 2021 assessment includes the impact that the Covid-19 pandemic has had on the industry, in turn contributing to its impact on the country’s economic outlook. Some key highlights from the economic impact assessment highlight that:
Reflecting on the results of the report, Botse Matlala, NFVF research and compliance manager said, “For us, doing this study meant making real and tangible, the total economic contribution of the film industry, illustrating how it plays a critical role in the socio-economic development of the country. The last year has unfortunately set the industry back due to Covid-19. The focus for us now, is working collaboratively, with the industry to re-build our much-loved art.” “South Africa has a vibrant film industry that is contributing meaningfully to the country’s economy and is certainly brimming with potential to make an even greater contribution despite the negative impact of Covid-19 in the past year. The organisation has already worked on initiatives to support filmmakers and online content creators alike. Content Development is at the core of the work the NFVF engages in – it is where the mandate of the organisation is most clearly fulfilled by providing the film industry with critical financial support and technical expertise to take a film project from an idea to a product that can be screened. We remain committed to partnering with players in mitigating challenges that have an impact on the sustainable growth and development of the industry.”, concluded Makhosazana Khanyile, NFVF CEO. |