Good news: Global film and television production increased substantially in 2024 over 2023.
Bad news (for US): Productions are eyeing non-US locations for 2025.
Think globally when considering your production from a film finance perspective, now more so than recently, as production executives are. As we remain in a cost-cutting industry cycle this is a current imperative.
https://www.hollywoodreporter.com/business/business-news/production-in-2...
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Glad to hear global film and television production increased substantially, Jack Binder! I understand the appeal to film internationally, but I hope states are able to keep productions in the US, especially because of the wildfires and other industry hardships. Tax incentive is a huge factor. I think cutting budgets for US locations will help keep productions in the US, and I think more demand for US-based films and shows will help too.
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Maurice Vaughan Very good points. Likewise hoping this continued expansion to overseas production does not cause harm to US teams and is reduced. Many productions will continue to shoot here due to cast, ATL, other demands. Likewise it is not always cheaper to relocate offshore and filming locally makes more sense. There is a push by Los Angeles to keep filming in California and I think we will see more of that as a backlash to keep productions home.
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As one's budgets grow, the need for international exposure is essential. While it never hurts to draw in revenue from international sales, smaller budget productions under $2M should just focus on US domestic revenues and only look to international sales as a last resort or a secondary direction after a degree of success is established in America first. If you can't sell 5,000,000 tickets in America, you did something wrong. 5,000,000 tickets is only 1.47% of the total population of the United States. Even if you cut that by 2/3. for and "R" rated film, you need to sell your movie to 4.45% of the 1/3 of the population of the United States
There are a lot of opportunities all over the world. Balance your goals with your resources. Don't ask for more than you need and hopefully savvy investors will find you and everyone can profit from the union..
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RB posted a great piece earlier on a new proposal in New York State to expand their tax credit and include $100M annually specifically for indie film, which is awesome. Production is expanding all around the world as well as in the US and states need to compete - but not just for outside production, but also building up their local filmmakers.