New York Production Weathers Production Slump With Incentives Increase But Future Still Looks Rocky
variety.comGregg Goldstein In a year when cutbacks, the threat of strikes and fewer new projects slowed down film and TV production, New York is still faring better than the rest of the country.
Statewide production levels are around 75% of what they were in 2022, based on a comparison of all scripted TV and film projects with estimated $10 million-plus budgets that shot in the first seven months of each year.
Yet, “this is significantly better than the rest of the U.S., which is at around 60% of 2022 levels,” says Alexander LoVerde, co-founder and CEO of industry intelligence platform ProdPro. “These figures highlight New York’s relative resilience in a challenging overall market.” A big reason is the state’s improved incentive program.
Last year, tax credits for qualified expenses jumped from 25% to 30% with an additional 10% in many upstate counties. Certain above-the-line wages were included, funding increased from $420 million a year to $700 million and the program was extended through 2034.
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