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NIFTY23,4060.33%
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Georgia Film and TV Production Industry Faces Challenges

Spending on film and TV production in Georgia has declined significantly, from a peak of $4.4 billion in 2022 to $2.3 billion in the last fiscal year. The decline is attributed to a decrease in total productions, from 412 in 2022 to 245 last year. The industry was already recovering from COVID-19 shutdowns, and the 2023 writers and actors strikes halted productions for months, exacerbating the decline.

Key Players Affected

  • Chris Ratledge, a 48-year-old digital imaging technician, has seen his income drop significantly, from as much as $9,500 a week to $15 an hour without health insurance.
  • Marvel has left Georgia's market, shifting its massive productions to the United Kingdom, where labor and production costs are cheaper.
  • Netflix is also increasingly filming abroad, while producing fewer shows in general.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Industry Reactions

  • Lee Thomas, deputy commissioner of the Georgia Film Office, stated that the industry is in a "reset" mode, with productions starting to look overseas due to concerns about future work stoppages.
  • Monique Younger, an Atlanta costume supervisor, has seen her work decline significantly, making her feel "a little bit useless."
  • Jen Farris, an Atlanta native and longtime location scout, is navigating two- or three-month gaps in between projects, forcing her to "watch her pennies."

Potential Solutions

  • Shadowbox Studios, one of metro Atlanta's largest soundstage operators, is betting on the area's future and has urged local filmmakers and industry leaders to rethink what's possible.
  • Backlot Academy, a program launched in 2022 to diversify the ranks of professions in the film industry, has hosted about 25 Black college students and provided them with training and mentorship.
  • Julian Williams, a 24-year-old digital media student, is determined to break into the industry as a production assistant, with the hope of one day becoming an assistant director.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Investor Takeaway

The decline of Georgia's film industry may have broader economic implications, potentially affecting local businesses and employment.

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