The Film Industry
Independent filmmakers have opportunities to show their work at film festivals held around the metro area, as well as in other cities in the state. The entertainment industry has spawned an increase in film festivals, with some 20 being held in Georgia each year. According to IBISWorld.com, film and video production is a 45 billion-dollar industry. Over the past five years, the Movie & Video Production in the US industry has grown by 2.0%, reaching revenue of 32 billion in 2018. the number of businesses has grown by 1.7% and the number of employees has grown by 0.5%.
Georgia is the number one filming location in the world, with a film and television industry worth $7 billion – termed “The Hollywood of the South” which is a huge economic opportunity for the local communities. Training programs to develop media production skills could give a new opportunity to thousands of young filmmakers in a thriving industry.
The increase in TV/film production in Georgia can be attributed to tax incentives for producers, as the generous tax break makes the state “camera-ready” and is the best entertainment tax incentive in the nation. As of 2022, Georgia ranks No. 1 in the film industry. Over 412 film and TV productions were filmed in Georgia during the fiscal year 2022 and spent 4.4 billion statewide.
The United States film industry generated 17.4 billion in revenue in 2021, increasing in each of the past five years at an annualized rate of 2.0%. The U.S. Economic Census estimates that there are approximately more than 9,000 businesses that operate in this market. Average annual payrolls exceed 5 billion dollars among 84,000 employees. The report projected that through 2022, industry revenue will increase at an annualized rate of 3.6% to 47.9 billion in revenue.
The U.S. Bureau of Labor Statistics predicted the growth potential for a film production company is a “faster than average” growth rate of nine percent for directors and producers between the years 2014-2024. There’s a steady growth of venues for media content in the form of streaming services, cable programming, online programming, video on demand, and other new media outlets in addition to the traditional channels.