New Jersey Becomes a Budding film Hub with Studio Investments
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New Jersey is rapidly emerging as a prime destination for film and television production, rivaling traditional hubs like Los Angeles. Fueling this growth is the state’s Film and Digital Media Tax Credit, signed into law in 2018, which has attracted major players like Netflix and Lionsgate to invest in large-scale production facilities. This influx of projects is creating numerous jobs and providing a significant boost to the local economy.
The state has seen a dramatic increase in film projects. In 2023, New Jersey hosted 547 film projects, generating $592 million in revenue, a stark contrast to the $67 million generated in 2017, before the tax credit was implemented, according to Variety.
Phil Murphy next to Netflix co-CEO Ted Sarandos”/>
(Netflix / Fox News)
Major Studio Investments in New Jersey
Netflix initiated it’s $1 billion project in May, transforming the Fort Monmouth army installation into a nearly 500,000-square-foot production studio. Lionsgate also announced plans for a 300,000-square-foot production facility in Newark in 2022, along with a 1.6-million-square-foot film and television space in Bayonne.
Did You Know? The global film industry is projected to reach $49.95 billion in 2024, according to Statista.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 1,323.12 | +16.45 |
+1.26% |
job Creation and Economic Impact
These long-term production commitments from Netflix, Lionsgate, and 1888 Studios-named in honor of Thomas Edison’s motion picture camera patent-are expected to generate numerous jobs for new Jersey residents. these opportunities span a wide range of skills and professions.
The film industry supports various roles, including carpentry, electricians, set design, costume design, hair and makeup, catering, craft services, security, and lighting.
(Lionsgate Entertainment)
New Jersey aims to become a “top three film destination” once these studios are fully operational.1888 Studios expects to be fully operational by 2026, while Lionsgate and Netflix anticipate completion in 2027 and 2028, respectively.
Pro Tip: States offering film tax incentives often see a surge in local business and job growth.
The Rise of Film production Outside Hollywood
For decades, Hollywood has been synonymous with the film industry. However, rising production costs, coupled with attractive tax incentives offered by other states and countries, have led to a significant shift in where movies and television shows are filmed. States like Georgia, New York, and now New Jersey, have become major players in the industry, attracting large-scale productions and creating local jobs.
This trend is not only beneficial for the economies of these states but also provides opportunities for local talent to gain experience and build careers in the film industry. As technology advances and remote work becomes more prevalent, the traditional dominance of Hollywood is highly likely to continue to erode, paving the way for a more geographically diverse and competitive film landscape.
Frequently Asked Questions About new Jersey’s Film Industry
What are your thoughts on New Jersey becoming a major film production center? How will this impact the local economy and job market?
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