Disney film 20,000 Leagues Under The Sea will be shot in Australia. This is a major achievement for the country as Disney is expected to spend some $160 million in Australia in the course of production. This will be a new record as it will be the most expensive film ever shot in Australia. The nod from Disney came after a long negotiation and the federal government pulling out all stops to convince the studio honchos to opt for Australia as the location. To swing the deal in Australia’s favor the government even agreed to a one off grant. The Arts Minister Tony Burke and Prime Minister Julia Gillard were directly involved in the negotiations.
The Project is Likely to Create 2,000 New Jobs in Australia
The ministers jointly announced the $21.6 million grant to sweeten the deal for the studio. It will be the most expensive movie ever shot in the country and represents a huge coup for the local film production sector. The $160 million will be directly invested by Disney’s for the shooting which will create new opportunities for the local technicians and could create up to 2,000 jobs. It will give them a rich experience in new techniques and innovative technology that will help the Australian film production sector in the long run. It is one of the most prestigious projects as director David Fincher and Brad Pitt are attached with it.
Many Media Companies in Australia Offer Investment Potential
This prestigious project is bound to draw the attention of investors to Australia. The other media companies in Australia might also benefit as some of the low profile companies offer great investment opportunities. For example, Beyond International Limited which has a market cap of only $75 million, is in the business of producing and distributing television content across the globe. They have some popular titles in its portfolio and also distribute DVDs in Australia and New Zealand. In any case the Disney project will definitely give a boost to the film industry in Australia and also add to the tourist flow to Australia after the film is released.