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Friday, July 23, 2010
New Independent Report: Film Industry Provides Tremendous Financial Benefits
More validation of the argument that New Mexico's support for the film industry is a good deal for everyone involved. Governor Bill Richardson today called attention to a new report by the prestigious Milken Institute that clearly shows the positive financial impact to states and countries that offer responsible and sustainable film industry programs. The study was done for the State of California and reveals the devastating fiscal impact caused by the migration of film and television production out of the state.
“This study illustrates the value of our film initiatives from the point of view of a state that has lost significant numbers of jobs and revenue because of intense competition from places like New Mexico,” Governor Richardson said in a statement released today. “It clearly shows that we are a global film force to be reckoned with, and what we stand to lose if we don’t continue our efforts to build and support the industry here.”
The Milken report looks at the numbers of jobs and amount of revenue that California could have saved had it implemented many of the initiatives adopted by states such as New Mexico. The report determines that for every job created in the film sector an additional 2.5 jobs are created in other sectors. It estimates that California lost more than 36,000 jobs and more than $4 billion in revenue since 1997 because of film business that left California.
The report recommends that California (which recently began a new film production tax credit of its own) take a number of steps to encourage production in the state, many of which track what is being done in New Mexico.
“The Milken report recognizes the value of not just financial incentives but many of the other key aspects of our program, including strong training program in colleges and universities, emphasizing new, ‘portable’ digital technologies, and collaborating with local communities to create a truly focused, film-savvy environment,” added Eric Witt, the Governor’s top adviser on Film and Media Industries.
The entire Milken report can be found at here.
Since Governor Richardson took office in 2003 more than 141 major film and television productions have been made in New Mexico, with an estimated economic impact of more than $3-billion. There are 10,000 direct and indirect film-related jobs in the state, and more than 250 businesses and services directly related to the industry. Learn more at www.nmfilm.com.
July 23, 2010 at 12:18 PM in Economy, Populism, Film, Gov. Bill Richardson, Jobs | Permalink
Comments
To me, if you look around and spent maybe five minutes thinking about it, bringing Hollywood film industry production to NM is a great idea. Without oil and gas, this state doesn't have a lot of diverse private sector growth going for it.
For Susana Martinez to tell the Albuquerque Journal that she would have to study the matter before being able to answer a question is astounding. This bespeaks a lack of sufficient mental flexibility to reach beyond the instinct to be antagonized by everything and to look for something negative about it.
Bill Richardson is due a lot of credit for having brought Hollywood to New Mexico. There are some things that really do deserve a lasting place in history.
Posted by: Stuart Heady | Jul 23, 2010 2:06:19 PM
I'm delighted to see this and just posted it on my twitter page at www.twitter.com/filminnewmexico . The opponents of the film industry seem to miss the point...the effect on tourism, keeping the state in the news, attracting crew from CA who become residents, and so on. Plans for support and growth of NM indie producers, a film market, a NM Film Society and more continue and will ensure NM place in the industry for years to come.
Posted by: Judy Bell | Jul 24, 2010 8:35:04 AM
Additionally, the loan requirements needs to be lowered to make it accessible to NM indie producers with lower budgeted films. We have an abundance of talented filmmakers who can sustain the industry from within. State training and mentoring programs are supported and funded but once they are ready to produce on their own, the task of raising funds is often insurmountable. We need to grow our own crop of filmmakers and provide a loan program with a lower budgetary requirement. Indie films, even very low budget ones, can be highly profitable, provide consistent employment for crews, and stimulate the growth of talent agencies, distribution companies, prop houses, and all the other necessary elements of a successful film industry.
Posted by: Judy Bell | Jul 24, 2010 9:07:30 AM
Judy-Your suggestions to find a way to get loans to our local indie producers is an excellent one. This is the way to grow our own crop of filmakers that will provide jobs and creative energy for years to come.
Posted by: Erin | Jul 24, 2010 10:57:36 AM
