Brexit set to damage UK media
A hard Brexit could cost the UK broadcasting sector a huge number of jobs as well as jeopardising the country’s status as Europe's leading international broadcasting hub. "Like many sectors, broadcasters cannot wait until the cliff edge of March 2019 to make decisions about the future of their European businesses,” warns the Commercial Broadcasters Association (COBA).
“International broadcasters based here would, reluctantly, be forced to restructure their European operations. No [Brexit] deal would put at risk thousands of jobs in the UK broadcasting sector, hundreds of millions of pounds of investment every year, and would undermine the sector’s long-term global competitiveness,” COBA adds.
The organisation, which represents the likes of Disney, NBC Universal, Turner and Eurosport, estimates that one in four jobs in UK broadcasting is wholly or partly related to international channels, with more than £500 million a year invested in wages, overheads and technology.
Family entertainment media outfit said recently Komixx that it was considering relocating its HQ from London to its office in Los Angeles due to Brexit uncertainty.
The UK Creative Industries Federation said recently that Brexit and the government’s intention to restrict freedom of movement has already damaged the country’s global reputation, while its workforce survey found that 75% of sector respondents employ EU nationals.
In June, Zenith Media reported that Brexit, along with a slowing economy, growing inflation and political uncertainty, had contributed to a sharp drop in advertising spend growth in the UK.