New York City’s Film and TV Industry Faces Uncertain Future
New York City’s film and TV industry, which never fully recovered from the actors’ and writers’ strikes in 2023, is contracting again as streaming services cut back on the number of scripted shows they are commissioning.
Job Losses Plummet
Local employment in the industry has plummeted from 42,800 in May to 30,800 in September, according to the latest monthly report from the state Labor Department. This number is roughly the same as during the lowest point of the pandemic, and hasn’t been seen in the city since the mid-1990s before the explosion of cable and then streaming programming. Given the industry employs only half the workers directly, with the rest working for contractors like caterers, the number of jobs lost is likely to be doubled, almost 25,000.
Challenges Ahead
Long-term industry trends underlie much of the problem. Legacy media companies like Paramount and Warner Brothers Discovery are cutting costs or being acquired to survive. Streaming services, with the exception of Netflix, are under pressure to cut costs and become profitable. Furthermore, streaming services are betting billions of dollars to secure sports rights as the best strategy to lure new subscribers and retain existing ones.
Doubling Down on Studio Space
Most studio executives in New York declined to discuss the decline in work. However, Doug Steiner, head of the city’s largest production facility, Steiner Studios at the Brooklyn Navy Yard, said the number of major projects is declining, the number of episodes per show is being reduced, and costs are being cut on the productions that are given the green light.
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“Some of our shows are wrapping up, and we won’t be booked solid like we were,” he said.
“We don’t expect that to change in the near future as consolidation continues to roil the industry.”
Trends and Challenges
- Industry trends suggest that streaming services have less money to divert into scripted programming, with some testing how low they can go on scripted work.
- The decline in desire for scripted streaming content is an industry-wide situation, but NYC is doing better than most, with a competitive tax credit, infrastructure, and a skilled workforce.
- The city’s prospects depend on the hope that the industry will stabilize, and that studios will decide they cannot entice new subscribers or retain them without a steady stream of new scripted shows.
Conclusion
New York City’s film and TV industry is facing an uncertain future, with job losses mounting and the prospects of a rebound uncertain. While there is a hope that the industry will stabilize and studios will decide to increase their investment in scripted programming, the current trends suggest that the city’s industry will continue to struggle.
Frequently Asked Questions
- Q: What is the impact of the actors’ and writers’ strikes on the film and TV industry in New York City?
A: The industry has never fully recovered from the strikes, and current job losses suggest that it may not recover soon. - Q: What are the main reasons for the decline in the number of scripted shows being commissioned by streaming services?
A: Streaming services have less money to divert into scripted programming, and are testing how low they can go on scripted work. - Q: What are the prospects for the future of the film and TV industry in New York City?
A: The prospects are uncertain, but there is hope that the industry will stabilize, and studios will decide they cannot entice new subscribers or retain them without a steady stream of new scripted shows.
