Long hailed as the beating heart of the entertainment industry, Los Angeles is losing its grip on film and TV production. Once the undisputed leader of Hollywood magic, Southern California faces a dismal reality: plummeting production levels, industry layoffs, creative drain, and a mass exodus of viable projects to rival jurisdictions.
The UK’s new Independent Film Tax Credit is drawing attention at AFM 2024, promising enhanced tax relief for eligible films with a qualifying spend of up to £15 million. The new credit, aimed at supporting independent film production, offers a significant boost with a 53% enhanced credit rate, translating to a net rate of nearly 40% after tax.
Netflix and Amazon Studios are the powerhouses of the streaming industry, commanding the majority of content production and licensing activity. However, the bulk of their productions are increasingly taking place outside the United States. This international trend raises concerns about the future of Hollywood’s dominant production status.
The UK’s Independent Film Tax Credit (IFTC), starting April 2025, offers a 53% Audio-Visual Expenditure Credit for films under £15 million. While boosting UK interest at Cannes, concerns about financing and costs remain. Rising US streamer influence and production expenses challenge UK independents, demanding global strategies for sustainability.
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