Applause from the local production industry this week for the Federal government’s Revive cultural policy. The policy outlined almost $300m in funding for culture and the arts.
A key initiative of the policy is to impose a local quota on multinational streamers such as Netflix and Stan to ensure some of the profit from local screens is reinvested in producing content locally.
While Stan and Netflix are both producing and exporting some excellent locally made content, such as ‘Bump‘, ‘Wolf Like Me‘ and ‘Heartbreak High‘, extra encouragement by way of quotas could be a big boost to the local industry.
According to ScreenHub ‘A streaming quota that requires such services to reinvest 20% of their combined estimated $2.4 billion annual revenue into local content would result in the investment of $480 million a year into new Australian content (approximately 400 hours of new content a year)’. The government hopes to start industry discussions soon and that a quota would be in place by mid next year.
More to come…