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NorthInvest & IsleofMedia Sign Letter of Intent

by Jack Culpan|3rd October 2017

NorthInvest and IsleofMediaOn Monday 2nd October, the not-for-profit NorthInvest, connecting ventures with mentors and investors within the Northern Powerhouse, and ‘Isle of Media‘, a not-for-profit Public-Private Partnership of the Isle of Man Digital Media industry, signed a ‘Letter of Intent’ for a close collaboration.

Combining both offerings for Startup financing and advice with complementary strengths. Mutual benefits arise by taking advantage of the massive studio capacities in the North of England and the larger creative talent base, UK S/EIS investments, and combining this with Isle of Man public and private venture funds and taxation advantages.

Fuelled by massive investments into TV content production by the likes of Netflix and several multi-million-pound new studio projects, the Creative Industries in the United Kingdom are poised for further growth. The UK Creative Industries overall have outperformed other sectors in employment growth with more than 25% between 2011 and 2016. Annual UK Broadcast distribution revenues have topped GBP 1.5bn for the first time. Similarly, the Northern Powerhouse is growing its Creative Industry. Giant Media City in Manchester plans a GBP 1bn extension, Liverpool aims to build the ‘Pinewood Studios of the North’ and Yorkshire, with the expanding Church Fenton Studios, is the UK’s relatively fastest growing region for film and TV.

The Isle of Man, a Crown Dependency and Offshore Territory, known for its finance and e-Gaming industries, as well as for the Isle of Man TT motorbike race, is expanding its Digital Media sector too. Being home to global TV sports production and distribution companies, international advertising businesses, broadcast consultancies as well as indie film producers, the Island is currently adding a Teleport to its exceptional telecommunication infrastructure. With its traditionally close relationship to the North West of England in finance, real estate and aerospace for instance, the Isle of Man aims to expand the collaboration with the Northern Powerhouse to the Digital Media sector.

Prof Adam Beaumont, Chairman of NorthInvest, said: “Focused on Fintech, HealthTech, Cyber and Digital Media, NorthInvest shares a lot with the Isle of Man’s core strategic industrial sectors. We welcome the opportunity to work with the Isle of Media in one of our focus areas. Along with Richard, who is also one of our co-founding directors and Helen Oldham, NorthInvest has two board members from the Digital Media industry showing our strong commitment for this growth sector”.

Dr Richard Arning, Chairman of Isle of Media, responded: “We are very much looking forward to this cooperation among friends. In the past, the Island enjoyed more than one hundred feature films being shot and developed here, also because of its scenic beauty. The opportunity is now to change the strategy from a filming location into a growing sustainable operation base by attracting corporate functions like headquarters, administration, marketing or distribution, and merge the Island’s film sector with its growing video and TV industry. Knowing our advantages as well as valuing the strengths our off-island partners, we are committed to work with the Northern Powerhouse and NorthInvest for our mutual benefit”.

 

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