A coalition of Hollywood unions issued a report on Monday warning that the U.S. has lost significant market share in film and TV production over the last 25 years.
\n\nThe report found that studios spent 74% of their film production budgets in the U.S. 25 years ago, but that the figure has since declined to 42%. On the TV side, the figure has fallen from 94% to 64%.
\n\nThe unions — including IATSE, the Directors Guild of America and SAG-AFTRA — published the report as Congress is considering whether to offer a 20%-30% production incentive to revive the domestic film and TV industry. Supporters have argued that the U.S. needs to counter generous incentives offered by Canada, the U.K., and other countries, and that state-based subsidies are inadequate.
\n\nMembers of Congress have focused on the sharp downturn in domestic production jobs since the end of Peak TV in 2022. But the union report, prepared by EY, takes a longer-term view, showing that the globalization of production has been underway since the turn of the millennium.
\n\nThe report acknowledges that production has grown considerably over that period — so the U.S. is taking a smaller piece of a much larger pie.
Original source: https://variety.com/v/tv/