Thursday, August 5, 2021

NEW YORK MEDIA BIZ EXPANDS; L.A.’S SHRINKS

May 5, 2014 by · Leave a Comment 

Lured by generous tax incentives, Hollywood studios are increasingly moving their biggest and best film and TV productions to New York City, which chalked up a record number of film and TV projects last year and is expected to exceed that number this year, according to a report in the Los Angeles Times. The newspaper cited a report by the Milken institute observing that between 2004 and 2012, New York saw its entertainment sector expand by 10,675 jobs ‹ a 25 percent increase, while California lost 16,137 film and TV industry jobs, an 11 percent decline. The Times quoted Kevin Klowden, a managing economist at Milken, as saying, “If L.A. wants to stay the center for entertainment, we need to look at what New York is doing.” However last week, the California Legislative Analyst’s Office said that benefits from the state’s current tax incentives have been exaggerated and warned that expanding it could result in a “race to the bottom” as other states try to keep pace. “Responding to other jurisdictions’ subsidies could be very expensive,” the report said. But Marc Webb, who spent virtually all of the $200-million budget for The Amazing Spider-Man 2 in New York, told the Times: “They’ve made it really attractive, the way L.A. used to be.”