LAEDC’s Entertainment Report Sees Modest Increasein Industry Employment, Another Strong Year at Box Office
Despite a boost from California’s film incentive program, runaway TV/film production remains a significant threat
Los Angeles, CA — A new study released today by the Los Angeles County Economic Development Corporation’s (LAEDC) Kyser Center for Economic Research predicts a modest increase in industry employment in 2010. The report also forecasts another strong year at the box office, no foreseeable labor issues, and a boost in production from California’s film incentive program.
Other pluses include NBC’s programming of scripted series in the 10:00 p.m. primetime spot being vacated by Jay Leno and the ongoing investment in the entertainment industry’s infrastructure such as NBC Universal’s Evolution Project and the Disney/ABC Studios at the Ranch. However, key issues include changes in the business model, with an intense focus on costs. Run-away production remains a significant threat and changing technology, distribution, exhibition and marketing models are noted.
The media industry will continue to struggle, reflecting a slow rebound in advertising and changes in the way consumers access information.
The LAEDC study recommends a renewed focus on entertainment as a serious business because it is a high-wage, high-multiplier activity. The study cited efforts by the cities of Los Angeles and Santa Clarita to become more “film-friendly.” It also recommends watching the state’s film incentive plan that has helped boost employment in this sector.
“The coming changes in how the industry operates also need to be monitored,” said LAEDC
Founding Economist Jack Kyser. “At the end of the day, content is still king and leaders need to be alert so that much of it is still produced in the County.”
For the full study and highlights of the report visit: http://tinyurl.com/yfmwjzj