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2024 Tri-State Film & Television Report
July 22, 2024 10 Minute Read
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- The local film industry has endured many challenges in recent years. A pandemic and labor disputes shut down the Tri-State film and television industry twice since 2020, temporarily shuttering stages and resulting in mass layoffs. Streaming platforms and major broadcasters are also exploring ways to grow their viewership while containing costs with uncertain consequences for local content production.
- Despite the challenges, New York’s soundstage inventory has continued to develop and modernize, with several high-quality soundstages and production campuses opening in the region over the past several months. These new deliveries are helping the region close the gap in stage size and quality with competitor markets across North America.
- Among major North American markets, the Tri-State area rebounded relatively quickly after the resolution of the SAG-AFTRA and WGA labor disputes. The number of active film and television projects in New York and New Jersey was 142% of the pre-labor dispute level in Q1 2024, the highest of any North American market.
- The New York State Film Production Tax Credit has been renewed through 2034 with an annual funding level of $700 million, which was increased from the $420 million allotment that had been maintained since 2010. This amount includes a $45 million carveout for post-production work.
- Tri-State inventory gains jumped considerably in the first half of 2024 after remaining flat in 2023. The debut of Wildflower Studios and Borden Studios in Queens, Port Washington Studios on Long Island, and the NYU Tisch Martin Scorsese Virtual Production Center at Industry City in Brooklyn added over 350,000 sq. ft. of production space to the market in 2024, amounting to a 12% bump in inventory.