Hollywood Faces Production Slump: Reality TV Down 56% in Weakest Quarter of 2024
October 17, 2024FilmLA has reported a notable 5 percent decline in production across the Greater Los Angeles area for the third quarter of 2024, totaling 5,048 shoot days.
This decline marks the weakest quarter of the year, with Hollywood production levels down 5% compared to the same period in 2023.
Reality TV production has seen a staggering 56.3% drop, with only 946 shoot days recorded, contributing significantly to the overall decline.
While feature film production increased by 26.6% to 476 shoot days, it remains 48% lower than the five-year average.
In contrast, scripted television production accounted for 758 shoot days across various categories, although this figure is still 55.5% below the five-year average.
FilmLA President Paul Audley expressed concerns about the economic impact of declining production levels on local businesses and the broader California economy.
The total number of economically valuable TV and film productions has declined by about 20% from 2022, largely attributed to labor strikes and the end of Peak TV.
In response to the downturn, local officials have launched the Entertainment Business Interruption Fund to support production and workers affected by these declines.
Commercial production saw a slight increase of 7.4% with 814 shoot days, yet this figure is still 32.6% below the five-year average.
Los Angeles accounted for 183 of the top-tier TV and film projects in 2023, a decrease of 45 projects from the previous year.
Audley has advocated for an expansion of California's Film & Television Tax Credit Program to enhance competitiveness with other states and regions.
Looking ahead, FilmLA anticipates further declines in production and releases in 2024, indicating a challenging future for the industry.
Summary based on 7 sources
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Sources
Los Angeles Times • Oct 16, 2024
FilmLA report: Reality TV production way down in Los Angeles - Los Angeles TimesVariety • Oct 16, 2024
LA Filming Production Drops to Lowest Quarter of 2024The Hollywood Reporter • Oct 16, 2024
Los Angeles Film and TV Production Approaches Historically Low LevelsDeadline • Oct 9, 2024
L.A. Production Plunged 20% In 2023, New FilmLA Report Finds