Special effects giant Industrial Light and Magic to create 200 jobs at new London studio. The company are working on the new Star Wars film and have been involved in six of the top ten worldwide box office hits of all time.
Chancellor of the Exchequer George Osborne has welcomed the announcement by the world’s most famous special effects company, Industrial Light and Magic, that they will set up a new high tech R&D division in London, creating 200 new jobs.The company, who are working on the new Star Wars film and have been involved in six of the top ten worldwide box office hits of all time, are moving to the UK following their success in securing support from a £15 million creative industries fund set up by George Osborne at Budget 2013.
The funding will help Industrial Light and Magic and other world leading British companies such as Double Negative, Imaginarium Studios and EA join forces to open up stunning new possibilities in the world of visual effects.
With recent Oscar winning success for British based visual effect companies Framestore and Double Negative for their work on films like Gravity and Inception, the announcement is another sign that the UK is now a world leader in visual effects.
The UK film industry is on the crest of a wave, with Oscar success and a boom in the number of new films being made here. The UK film tax relief, targeted to support further investment in the UK visual effects industry, has played a key role in this. New data published shows that over 320 films have benefited from the UK film tax relief last year alone.
British films including Sherlock Homes: Game of Shadows, The Iron Lady and The Best Exotic Marigold Hotel have taken advantage of the film tax relief, which the BFI estimates generates £12 for every £1 invested. Since its introduction, it has provided support for British films with a combined production value of almost £8 billion.
Lynwen Brennan, President and General Manager at Industrial Light & Magic said: The investments that the government have made in the UK make it a thriving film community with the talent, history and economic model that makes it the ideal location not only for shooting Star Wars – but also the ideal place for ILM.