Missed pretty much the entire Montclair Film Festival despite being minutes away - BUT I did catch two great panels yesterday. In this post, I want to share a few things from the first panel, with most panelists representing NJ film commission and econ development:
- New Jersey is now in '4th place' for US production destination. Last year the spend was around $800M and it's looking up for this year.
- The entire Tax & incentive program has just been renewed (see current deets in attachment) and improved for smoother process & to support longer term investment.
- NJ is indeed looking at the long term benefits of attracting production to the state. And it is actively preparing the support and talent infrastructure for what's coming.
- What IS coming is:
1) NETFLIX investing $947M to build a 289-acre film production campus on a former Army base in Monmouth, projected completion 12/27;
2) Lionsgate Studios putting $154M in Newark for a 270,000 sqft newly built facility due next fall;
3) 1888 STUDIOS investing $1.1 BILLION in Bayonne for a 1.5M sqft facility on 54-acre campus to be completed sometime next year.
Of particular note that made me instantly think of Stage32 was a comment that was echoed instantly by everyone on the panel: 'We need accountants!' ... and everyone nodded. 'Yup' (so I'll just leave this here - https://stage32.myabsorb.com/#/curricula/c8157635-3be1-4541-af26-9a62d7f... )
Who's thought of bringing project to NJ - just curious. And how does this make you feel about the stability of good-ole-fashion filmmaking over the next decade?
(PS: look for my other post that addresses and entirely different future of film production from the second panel I attended)
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Thank you for the excellent summary @SebastianTudores! New Jersey is an a tear to the top of production centers. The key is consistency of film tax credit programs and their support from local government on an ongoing, undisrupted basis, which NJ refreshingly seems to understand.
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sure thing Jack Binder - and you're 100% on the target. consistency --> predictability --> planning --> execution. I look forward to seeing the impact of just these 3 studio projects. Spielberg shot a film in South Jersey last year and it did miracles for so many businesses there as it was usually their low, off season.