Two thirds of UK indies fear closure by end of 2024, Indielab survey reveals

Victoria Powell (Source: Indielab)

More than two thirds of UK indies will be at risk of closure within 12 months if the current commissioning slowdown persists and no support is forthcoming, according to the findings from a new survey of more than 65 production companies.

The Indie Voice survey, from UK growth organisation Indielab, delved into the commercial health and trajectory of independent production in the UK, with 72% of the 67 participating indies reporting that they would be at risk of closure by May 2025 if conditions do no improve.

Almost a quarter of respondents (24%) felt that public service broadcaster (PSB) remits and responsibilities needed to be addressed, while licence fee uncertainty was also cited as causing greater market instability.

Over a third of respondents (38%) felt that lack of clarity, poor communication and lack of commissioner access and engagement at PSB’s contributed significantly to uncertainty and sector instability, while multiple responses criticised commissioners for only ordering from small indies if they co-produced with groups, a move that often compromised the smaller companies’ claims on IP.

Survey responses also reflected support of five indie-led proposals to protect the grassroots of the television sector. The Small Indie Quotas for PSB’s was supported by more than nine out of ten respondents, while quotas applied to streamers (88%), guidelines for Small Indie IP protection (100%), and tax-credits extended to cover all genres and production budgets (100%) all received near unanimous support.

Despite the commissioning slowdown, 34% of respondents anticipated company growth in the current financial year, supported by international co-productions, ‘affordable drama’, talent collaborations, digital content and brand-funded programming.

Indies have also been experimenting to develop new revenue streams, the survey found, with 78% branching into areas such as podcasts, branded content and back catalogue exploitation, while 55% introduced new production finance strategies.

“Over the last year, we’ve witnessed common experiences and consistent calls to action to protect the indie sector, but only heard them individually,” said Victoria Powell, CEO of Indielab.

“For the wider TV industry, government, broadcasters, and Ofcom to really hear them, and it’s important that they do, indies needed to speak together – hence Indie Voice.

“Collectively, small indies make up a whopping 85% of the UK production sector, but they contribute so much more through fresh thinking, agility and creativity. Small indies really are both the foundation and fuel of our wider TV industry, one that’s recognised all over the world for its brilliance, and these grassroots must be heard and protected,” Powell added.