Finally, it looks like things may be turning around! We recently went through our first audition cycle for the lead in a feature film, that has a decent budget! That's a first in over 2 years!
The big picture is that things are changing in the economy. First off, let's make sure you understand that filmmakers and production companies, both big and small, don't have boatloads of cash sitting around to pay for the project to get developed and produced. There's many ways projects can get funded, with entire books on how it's done. In general, they typically go the through a process of borrowing the funds to get the project moving forward. That is then repaid later. So the interest paid on that loan can take a bite out of the project.
Well, to combat inflation, the Federal Reserve Board (the "Fed") raised interest rates some time ago. They've been the highest in 20 years. That as just too much for most productions.
On September 17, 2024, there will be a Fed meeting that starts that day. They've made it clear that interest rates will be going down, with the announcement coming around that time. We've heard that banks are already slightly lowering their rates in anticipation of this major announcement by the Fed. European banks (clearly not associated the Fed which only covers the US) have already begun to lower their rates.
All that said, projects will start to get greenlit. But where are the projects going to shoot? Well, that's a good question. Might be southern California. But, they might not be. It's much too expensive here, and already projects have been shooting elsewhere, with plenty going outside the US.
Here in the US, we hear that Atlanta has been quite busy. But where else? Keytara found info about more studios opening in Texas, so they might might be going there.
So the light is flickering at the end of the tunnel. We'll see where it goes from here! Stay tuned!