In light of the significant challenges facing independent film in the UK, the British Film Institute commissioned Alma Economics to conduct an economic review of the value chain for UK independent film. To build on the existing evidence base, we collected and analysed data from multiple sources to illustrate historical and projected trends in key economic performance measures for independent film, including revenue, costs, and level of investment. The review also analysed the evolution of business models for independent film, including the shift from more traditional routes to market to more varied and flexible approaches (including exclusive streamer deals). To supplement the analytical findings, we engaged extensively with senior stakeholders from across the value chain for independent film to address evidence gaps and validate our findings. The review concludes with a set of ambitious recommendations, including both new measures and adapting existing approaches.