While giants in many industries have been falling victim to economic gloom, British film industry not only beat the gloom but accounted for second highest cinema takings of 31% in a decade.

According to the UK Film Council data for 2008, cine-goers spent £949.5m, up 5% from 2007, making it highest box office receipts since 1989. However there was significant fall in foreign investment in the domestic film industry.

Three biggest box-office hits of the year, Mamma Mia, The Dark Knight and Quantum of Solace were produced with major British involvement. But foreign investment in film making declined from £523m in 2007 to £328m in 2008.

Decline in overseas investment is partly being attributed to US writers’ strike which halted filming. Another reason, according to Council, was strengthening of sterling in the first 6 months of 2008 which made investment in the UK quite expensive for the US studios.

Although the UK film production companies spent more in 2008, the UK Film Council’s chief executive officer, John Woodward, is forecasting a tough year ahead. He fears that despite a great beginning for British films and talent at award functions, economic situation will be taking a toll on British movies.

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