THE Isle of Man film industry hit the headlines in July after it was revealed that CinemaNX made a £33m investment in a number of films but had only seen a £6m return.
The issue was raised in the House of Keys by Onchan MHK and Liberal Vannin Party leader Peter Karran who asked a number of questions about the money being made by the industry.
However those involved with the industry said the figure did not show the full picture and stated that the industry had made money for the Island.
The then Economic Development Minister Allan Bell MHK and chairman of CinemaNX Steve Christian both issued robust defences of the industry and explained how it has benefited the Isle of Man.
Mr Bell said: "The notion that film has lost money is pure fantasy."
He called the TT film TT3D: Closer to the Edge a "fantastic achievement for the Isle of Man" and said: "This is the film that everyone said was impossible to make and yet, here we are with a major success on our hands.
"The amount of positive media exposure this film has generated for the Isle of Man cannot be overestimated and will benefit the Island for many years to come.
"The film has also sold in Australia, France, Germany, Scandinavia, South Korea, Portugal and many other smaller countries. Deals for the sale of the movie in the US, Canada, Italy and Japan are currently under discussion."
Mr Bell continued: "It is very important that we do not let ourselves get deflected and that we continue to concentrate on the job in hand which is making successful movies, creating employment and training opportunities for our local people and generating as much positive media exposure for the Isle of Man that we possibly can.
"The reality is that the film industry has delivered time and time again.
"The Media Development Fund now has a higher balance than when established in 2002 (£33m as opposed to £25m) therefore the notion that film has lost money is pure fantasy.
"Diversification is crucial to a successful future for us all. The next five years will be very tough and the Isle of Man is going to have to earn its way.
"The days of easy money are long gone. We will need to reinvent how we look at things and how we do things. The media sector is going to be one of the biggest growth areas in the world.
"The Isle of Man has the expertise, the connectivity, environment, infrastructure and self generated investment funds to make a significant impact in this sector.
"In the meantime, as was always the case, the Media Development Fund is fully protected by stringent Treasury controls.
"But the time is coming when we need to decide if we want to use what we have to build a new economy. There were those who scoffed at the very idea of the Isle of Man attracting films in 1995. If we had listened to the merchants of doom then this Island would be over £200m poorer.
"The idea was courageous and groundbreaking back then and has proved to be a huge success at every level since. We mustn’t let the nay-sayers derail us now."
For Steve Christian's views on the Isle of Man film industry click here.
Update: Two films made in the Isle of Man were nominated for British Independent Film Awards in November. Filming on the latest film - a contemporary thriller called Honour - began at the start of November. For more on this click here.
This story is part of isleofman.com's Review of the Year 2011.
