Barclays Corporate Banking has announced a doubling of its SVOD fund to £200m to support UK TV producers.
The £100m fund was launched in March 2017 in response to the rise of subscription services including Netflix and Amazon Prime Video changing the way that original programming is financed.
As payments to producers from SVOD service are often spread over a much longer term, the Barclays SVOD Financing fund allows companies to borrow over a longer period.
The decision to double the fund ahead of schedule is the result of exceptional demand, with more than £100m already provided to production companies by Barclays in the 18 months the fund has been active. Projects to have benefitted from Barclays support include £17.5m to Drama Republic for the BBC/Netflix co-production Black Earth Rising, financing to Lime Pictures for the Netflix show Free Rein, and funding for a series of Octonauts specials for Silvergate Media.
Lorraine Ruckstuhl, Head of Media at Barclays Corporate Banking, said: “We’re seeing more and more SVOD activity and an increasing need for tailored financing that meets the specific needs of both the production company and the subscription service. With more SVOD platforms on the way and a growing focus on original content, demand is set to increase further and finance providers will have to keep innovating to meet changing funding requirements. We’re demonstrating our commitment to help the UK’s production companies make more world-class programming by doubling our SVOD fund and will also develop new financing options for the sector as the industry continues to evolve.”
Jon Creamer
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