Despite recession: Hollywood expects upswing
According to a new report, the film industry in Hollywood can expect a slight upturn this year despite the economic crisis. It should even be possible to create new jobs.
According to a new report, the film industry in Hollywood can expect a slight upturn this year despite the economic crisis. It should even be possible to create new jobs.
In a recent report, the Los Angeles Economic Development Corporation forecasts an increase of around 1000 jobs in 2009 and a further 2000 in the coming year. The main reasons for this are said to be growth in cinema attendance and the expansion and spread of 3D cinemas. There will also be growth in cable TV production, according to LAEDC chief economist Jack Kyser. In his industry report, the economic expert gives Hollywood a B-plus grade for 2009. Last year, Kyser only gave the dream factory a C-minus.
According to the forecast, the total workforce in Hollywood will increase by 0.8 percent to around 126,000 this year. In 2008, there was a decline of three percent. "The increases in box office and cable are enough to take the uncertainty out of this year," Kyser told Daily Variety, according to the press release. 2009 has already begun with a strong start.
According to Kyser, the creation of tax breaks in California could also have a significant impact on the American film business. This is currently being discussed at a political level.
However, although the expected growth in jobs is encouraging, it is only marginal compared to the massive slump between 1999 and 2003. During this period, the number of filmmakers employed by the studios in Hollywood shrank from 146,000 to 113,600. One of the reasons for this was the fact that more and more filmmakers moved their work to other locations with more favorable production conditions.
In a recent report, the Los Angeles Economic Development Corporation forecasts an increase of around 1000 jobs in 2009 and a further 2000 in the coming year. The main reasons for this are said to be growth in cinema attendance and the expansion and spread of 3D cinemas. There will also be growth in cable TV production, according to LAEDC chief economist Jack Kyser. In his industry report, the economic expert gives Hollywood a B-plus grade for 2009. Last year, Kyser only gave the dream factory a C-minus.
According to the forecast, the total workforce in Hollywood will increase by 0.8 percent to around 126,000 this year. In 2008, there was a decline of three percent. "The increases in box office and cable are enough to take the uncertainty out of this year," Kyser told Daily Variety, according to the press release. 2009 has already begun with a strong start.
According to Kyser, the creation of tax breaks in California could also have a significant impact on the American film business. This is currently being discussed at a political level.
However, although the expected growth in jobs is encouraging, it is only marginal compared to the massive slump between 1999 and 2003. During this period, the number of filmmakers employed by the studios in Hollywood shrank from 146,000 to 113,600. One of the reasons for this was the fact that more and more filmmakers moved their work to other locations with more favorable production conditions.
