How well do YOU think POLITICS is SUPPORTING PRODUCTION IN THE US and AROUND THE WORLD?
Politics have settled a bit in Europe (we’re not so lucky here in the U.S.) In France, the French Entertainment Industry is relieved over the defeat of the Far Right in pivotal elections, but a fragmented political landscape remains. Similarly in the UK, the recent UK elections have had notable implications for the entertainment industry. The Labor Party's victory is expected to bring several changes, particularly with their plans to reform media regulations and increase funding for the arts. This shift in governance could lead to greater support for local productions and initiatives aimed at fostering diversity in the media sector. Note, under the Conservative Party, the UK incentive went through some amazing uplifts (now ranging from 25.5% to 40%) I can only image what the more supportive Labor Party will bring - Overall, while the full impact of the election results on the entertainment industry will unfold over time, initial indications suggest a period of adjustment and potential growth driven by new policies and additional funding initiatives.
Most exciting, in Germany, the government has pledged to add a plan for a new tax incentive program to its 2025 budget aimed at attracting more international productions to shoot in the country, which would include up to 30 % incentive on German production costs for films and high-end series (currently TV doesn't qualify for the German incentive, with no annual funding cap - attempting to compete directly with the UK and Canda) with funding coming from the federal government and the states. Pending approval from the cabinet, parliament and state governments, the new scheme could go into effect as early as Jan. 1, 2025. To date, Germany hasn't been very competitive, due limited funding, and the very limited inclusion of high-end TV series.
In the Czech Republic, industry calls for increase in production incentives to 25% (currently 20%)
On the other side of the world, Australia has juiced its tax incentives for foreign, mostly Hollywood movies and TV series that shoot in the country. The Aussie federal government, through Ausfilm, has passed legislation to boost the 16.5 percent location offset to 30 percent. The near doubling of the location offset will apply to local Australia-shot productions but with a catch: Producers must have budgets of at least $13.3m for production, or $1m per hour for a TV series.
What do you think?