Hollywood film and television production slips to near-historic new lows with the worst quarter in 2024

As a die-hard fan of the magical world of film and television, it feels like I’ve traveled back to the dark ages. The once bustling landscape of Los Angeles, filled with the energy of production sets, now seems eerily quiet. The FilmLA report for the third quarter of 2024 has hit me like a punch in the gut, reminding me of the good old days that feel like they’re slipping away.

The recovery of film and TV production across Greater Los Angeles has yet to materialize since the conclusion of the writers’ and actors’ strikes last year.

In a recent report, it’s been noted that FilmLA, the organization responsible for issuing filming permits across Los Angeles, experienced a 5% decrease in film and television production during the third quarter of 2024.

In Q3 of 2023, there was a 5% decrease in the total film and TV shooting days compared to the previous quarter, amounting to 5,048 days. However, this figure also represents a significant decline of approximately 36.4% from the average of the past five years.

Among the limited positive aspects highlighted in the FilmLA report, there was an encouraging increase of 26.6% in feature film production during the third quarter of 2023 compared to the previous period. However, it’s important to note that this figure is still significantly lower by approximately 48%, falling short of the average over the past five years.

Last year’s increase by 7.4% in commercials for television and online content is notable, however, traditional television and reality TV production saw a significant decline.

This year’s production of reality TV shows experienced a significant decrease of 56.3%, compared to the same period last year. Additionally, it saw a decline of approximately 52.7% compared to the average production over the past five years.

The general decrease in television production amounted to 18.3%. Compared to the same period five years ago, it dropped by a significant 53.2%.

Last year’s strikes led to a significant rise in the number of days shows were filmed for TV. However, despite this increase, dramas still saw a decrease of 34.4% compared to the average over the past five years, and comedies experienced an even more substantial drop of 85.7%.

Despite the encouraging signs about box office earnings, production figures are still lagging significantly compared to projections made after the strike.

Just a few short months ago, there was optimism within the industry that we would observe a net profit on paper during the third quarter, primarily because of the impact of strikes,” stated FilmLA president Paul Audley.

Instead, there was a retreat and a decrease in progress, as we approached the autumn season, which could determine the success or failure of the entire year, he explained clearly.

Additionally, the organization advocated for extending California’s Film & TV Tax Incentive Program to boost filming activities.

Many newly produced TV shows like High Potential, Matlock, Orphan, and Forever are primarily filmed in Greater Los Angeles due to their eligibility for tax credits.

Audley stated, “California’s movie incentive program consistently generates jobs, and research indicates it yields a beneficial financial outcome for each investment made.

He went on to say, “The issue with this program lies in its lack of financial resources and eligibility standards that align with the trends of the industry by 2024.

‘The program’s structure and management through the California Film Commission — these are excellent,’ he admitted.

‘But just as our competitors continue to innovate, California must do the same,’ Audley concluded.

Read More

• TOMI PREDICTION. TOMI cryptocurrency
• SPX PREDICTION. SPX cryptocurrency
• Silver Rate Forecast
• KAS PREDICTION. KAS cryptocurrency
• POLYX PREDICTION. POLYX cryptocurrency
• XAI PREDICTION. XAI cryptocurrency
• SLIM PREDICTION. SLIM cryptocurrency
• STEP PREDICTION. STEP cryptocurrency
• LOGX PREDICTION. LOGX cryptocurrency
• Gold Rate Forecast

2024-10-17 03:18