Hollywood Spends More Than Half of Its Film Budgets Outside the US, Union Study Shows
The report comes as the entertainment industry pushes hard on Congress to pass a federal production tax incentive The post Hollywood Spends More Than Half of Its Film Budgets Outside the US, Union Study Shows appeared first on TheWrap .
A recent study by Ernst & Young for Hollywood's major unions reveals that studios are now spending more than half of their film and television production budgets outside the United States. Over the last 25 years, the share of production spending on movies and TV shows filmed in the U.S. has plummeted, with film budgets dropping from 74% to 42% and TV budgets from 94% to 64%.
This shift has prompted unions to push for a federal film tax incentive, which would provide a 20% base rate for cast and crew spending on U.S.-based productions, with the potential to increase to 30% for qualifying projects.
Written by urgent.news from TheWrap's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
