Earnings from films tipped to nudge $1 billion

WELLINGTON - Lord of the Rings and The Vertical Limit could push New Zealand's annual film earnings close to $1 billion this year.

The latest survey by the Screen Producers and Directors Association shows earnings from the production of films, TV programmes and commercials will top $307 million to March 2000 - up 50 per cent on the 1998-99 fiscal year.

The survey, however, does not include Peter Jackson's Lord of the Rings (estimated to be worth more than $350 million) or The Vertical Limit (estimated at $120 million-plus) as filming did not take place within the survey period.

Neither does it include large amounts of in-house television network production of news, current affairs and sport.

Association chief executive Jane Wrightson said the survey showed the screen production industry was a high-growth prospect for the economy.

Foreign exchange earnings from screen production were up 67 per cent to $155 million annually.

- NZPA