By August, the film and television industry was back and running at pre-pandemic levels, according to Crain’s New York Business. Its recovery has been boosted by the demand for streaming shows that fueled a decade-long, local film and television boom and pushed production companies to get back to work in the summer of 2020 to entertain stuck-at-home viewers.
Dozens of projects were scheduled for filming in NYC in August alone.
When the city shut down, the industry was on the cusp of a record year. It supported 100,200 jobs, according to a report, powered by a nationwide boom in television production, but also bolstered by network TV, advertising and social media production. Because of the location of soundstages in the outer boroughs, jobs had been increasing even more rapidly in Brooklyn and Queens.
Dollars flowing to hard-hit hospitality businesses were an early and appreciated ripple effect, with open sets benefiting nearby eateries and shops.
The state offers a much-debated 25% tax credit on below-the-line expenses for productions, which costs the state $420 million a year, an amount that has been authorized through 2025. A handful of other states, including California, have come out with new or improved tax credits.
Source: Crain’s New York Business