Altman Solon report also finds skills shortage could be a challenge for further growth
Strategy consultancy firm Altman Solon has released its 2022 Global Film & Video Production Report.
The report surveyed 132 industry executives, each with over three years of VP experience, based in the UK and US. It found that 40% of their productions are currently using virtual production tools, while 50% are likely to adopt them in the coming 18-24 months.
Altman Solon partner Mary Ann Halford said: “VP grew out of necessity during the COVID-19 shutdowns but is quickly becoming an industry standard. VP includes an array of effective tools that keep projects on track and allow for creative collaboration across sites and even continents. Studios are increasingly exploring its efficacy given the prospective cost savings as well as reduced travel.”
Cost savings and time improvement were the top two benefits of the technology for respondents, but the report also found that further growth could be hampered by a lack of skilled staff.
Altman Solon director Derek Powell said: “Virtual production is the future of global filmmaking but how and when it maximizes its potential will be determined by the industry’s ability to attract talent to this new field. It’s clear that the networking-heavy approach used in Hollywood for generations will not deliver the VP workforce needed now and in the future. The good news is that studios are employing new and creative recruiting techniques, including better outreach to candidates with diverse backgrounds.”
Tapping private networks is not a leading tactic in recruiting virtual production candidates, with just over a quarter (28%) of respondents saying they source talent that way. Instead, respondents are looking in adjacent industries like gaming, AR/VR, animation, automotive and transport, and architecture, among others, and through on-campus recruitment to find candidates with the necessary technical skills.
The report also reveals progress in the diversity of production teams: 52% of survey respondents reported an upswing in recruitment efforts and a noticeable change in representation over the past two years. It can be found in full here.
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