Film 4 was created in 1998 as a production company owned by Channel 4 television corporation. Their first production was Walter in 1998. By 2002, Channel 4 cut Film 4's budget from £30 to £10 million due to losses, resulting in 50 staff cuts. Currently, Film 4 invests an average of £500,000 in around 20 films per year. Film 4 is known for producing coming of age films like Attack the Block and Submarine, which tackle issues faced by teenagers. They focus on conveying important messages through their films.