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 film industry is transforming with declining revenues, reducing film output, and a shift in consumer preferences. Major studios are consolidating and struggling, while television emerges as a dominant medium. Theaters face over-leveraging challenges. Streaming services haven’t compensated for theatrical declines.
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.
Despite the challenges at AFM, TIFF, and EFM in restoring pre-lockdown attendance levels, Cannes has flourished, showing consistent growth and culminating in its largest market in years. Following the first day of Cannes, the atmosphere remains upbeat as sales agents and producers indicate strong interest from international buyers.
After years of declining demand for independent films, producers, sales agencies, and distributors report a significant pre-sales market resurgence heading into Cannes. Download Your Free Cannes Film Festival Cheat Sheet Below with Titles, Directors, Sales Representatives, Deals Signed, Links to IMDbPro, and More.
Universal Pictures bifurcates the 18-month Pay-One Film Licensing Window for its streaming service Peacock and Amazon. After four initial months on Peacock, Universal’s live-action films will stream exclusively on Amazon’s Prime Video for ten months before returning to Peacock for the final four months.
Copyright © 2014-2024 FilmTake