Videoage International January 2021

6 World January 2021 V I D E O A G E in New York City now number over 358,000. Part of this success is due to the city’s generous tax in- centives, which were created in 2004 (and expire in 2022) and allow 30 percent of the costs to be credited back. (In California and Louisiana, tax credit is 25 percent.) Since its inception, the tax break has awarded close to $8 billion in incentives to 2,200 productions. In turn, those productions spent some $40 billion in the city. TV Ads To Rebound In 2021 “T he rate of decline for advertising is not quite as bad as we thought it would be in our previous forecast,” stated the New York City-based adver- tising group GroupM in its U.S. End-of-Year Forecast. It then continued: “In June, we forecast a 13 percent decline in [U.S.] domestic advertising. At this time, [December 2020], we think the decline will be closer to nine percent. The strength in digital advertising in particular is largely responsible for the better than expected outcome.” Local TV also fared better than might have been expected in 2020 due largely to a rebound in the automotive retail sector. The report added: “Looking at 2021, an assumed second- half return to normalcy leads to expectations for robust growth of 11.8 percent on an ex-political basis, or six percent including it. For subsequent years, we an- ticipate slightly higher growth than we previously forecast — now five percent in 2022 followed by four percent in 2023 and 2024. “National [U.S.] television is positioned to have a good 2021, if only relative to the weak 2020. Overall, we expect that national TV advertising will decline [by] 7.9 percent during 2020 and rebound to grow by 6.6 percent during 2021. “At this pace, national TV is faring better than most other media.” In terms of actual dollar ad spends in 2021, GroupM fore- casts $59 billion (versus $56 billion in 2020), of which $42 billion is for national TV, and $17 billion is for local TV. E xpect New York City real estate companies to soon consider using the term “Hollywood East” to promote selling parcels of land and red-brick enclaves near newmovie studio soundstages in the Bronx, Queens, and Brooklyn. Netflix, for one, is planning to build a soundstage in East Williamsburg, Brooklyn. And Steiner Studios, located in the Brooklyn Navy Yard, is planning another soundstage in Sunset Park, Brooklyn. Silvercup Studios now operates in Long Island City (Queens) and in Port Morris (the Bronx). Other existing studios include Broadway Stages in Greenpoint, Brooklyn, which will soon operate the soundstage being built in Queens, and Kaufman Astoria Studios, which is located in Queens. NewYorkCity nowboasts 140,000 squaremeters of soundstages, ranking third in the U.S., after California (with 511,000 square meters), and Georgia (with 167,000 square meters). People employed in the entertainment field New York City: The Hollywood of the East (Continued on Page 8) Recognized standard of quality in Audio Description Descriptive Video Works is committed to providing access to all forms of visual media With more than 40,000 television shows, feature films and LIVE shows completed, you can rely on us to deliver your project on budget and on time. Our technical expertise guarantees a top quality product - a commitment we’ve made to our clients for more than 17 years. Request a Quote info@descriptivevideoworks.com descriptivevideoworks.com