Industry
Incentive Extension and Safety Program: California Passes New Film Legislation
California's film and TV tax credit extension has passed, which will extend the existing tax credit program for five more years, with an increased annual budget of $330 million. The extension aims to attract and retain film and TV productions in California, promoting local job creation and economic growth in the industry. Additionally, Sacramento also passed a new pilot program focused on increasing production safety, making this the first program in the country of this kind.
Streaming
Content Boom Needs Captions: How Subtitling Became Big Business
As streaming becomes increasingly more global to meet the high demands for more content, subtitling has become a crucial aspect of distribution. In addition, Gen-Z audiences have really embraced subtitles. In a 2021 survey, charity Stagetext found that 80 percent of all respondents between 18- and 24-years old use subtitles when watching TV on any device. The cultural shift has created a massive market for transcribers, as many platforms outsource this captioning work rather than doing it in-house. Now, the market is valued as high as $170 million in the U.S. alone.
Awards
New Members for 96th Oscars: Academy Sends Out 2023 Invites
The Academy of Motion Picture Arts and Sciences has invited several notable individuals, including Taylor Swift, Austin Butler, N.T.R. Jr., and Ram Charan, to join its membership. These invitations reflect the Academy's ongoing efforts to diversify its membership and include a broader range of industry professionals. The 2023 class of invitees is made up of 40% women and 51% hail from countries outside the United States. If all 398 invitees accept, the Academy membership will rise to 10,817 members with 9,375 eligible voters.
Film Festival
Taormina’s Film History: A Look at a Classic Italian Film Festival
Taormina Film Festival, which began back in 1955, is known for its beautiful location where festival screenings take place in one of the largest historic Greek theaters in all of Sicily. The location also has a history of attracting A-list stars. Now, that list is even longer as the festival has hosted the Italian premiere of Indiana Jones and the Dial of Destiny. With its long history, the festival continues to undergo changes as 2022 also brought in new directors, Beatrice Venezi and Barrett Wissman.
International
U.K. Leads European Entertainment and Media Markets
In PwC’s Global Entertainment & Media (E&M) Outlook 2023-2027 report, it is forecasted that the U.K. will continue to be the leading market in Europe for entertainment, putting them ahead of both Germany and France. Just this year, the U.K. entertainment market revenue is expected to reach $108 billion (or £85 billion) and will grow to £100 billion by 2027. The report also highlights that cinema revenue is expected to outperform pre-pandemic levels in the country by 2025 while SVOD and AVOD will also continue to make huge strides.
High five! Another Friday Five is going live next week—same time, same place. We know what caught our eyes, but we’re all ears. Tell us what you’d like to learn more about in our upcoming editions by following us on Facebook, Twitter, and LinkedIn. Be sure to tag #FridayFive in your comments.
Want an even more convenient way to stay in the know? Get Friday Five sent right to your inbox each week by signing up for our direct newsletter below.
See you next Friday at 10 a.m. (PT).