Louisiana’s Film & Entertainment Industry:
Poised & Ready for a Big 2012!
By now, most everyone knows that Louisiana has officially become “Hollywood South” for the film industry. In fact, Louisiana recently closed the books on another record year in 2011, bringing more than a billion dollars of production and millions of dollars into the local economy. And experts across the state are saying that that 2012 looks to be even better.
Growth in Film Production, Entertainment & Reality TV
From its humble beginnings in 2002, Louisiana has grown into a powerhouse in the entertainment industry. Louisiana has recently been home to many major Hollywood films such as Green Lantern which attract a lot of attention, but there are many other things happening locally besides the big Hollywood blockbusters.
Additional factors contributing to growth in Louisiana’s Entertainment Industry:
- Continued Growth in Film – 2012 is already poised to be a big year with more than 100 projects already lined up for production including big budget films like 21 Jump Street, Battleship, and The Hot Flashes, which is being facilitated by FBT Film.
- Growth in Reality TV – You don’t have to look far to find Louisiana personalities all over television. From Swamp People to Cajun Pawn Stars, the reality TV market seems to have no problem finding interesting stories in Louisiana.
- Growth in Live Entertainment – Many people are still unaware of Louisiana’s Live Entertainment Credits, but smart live music professionals are taking advantage of special incentives designed to bring music productions to Louisiana. In fact just recently country music superstars including John Rich and Willie Nelson were in New Orleans filming a video with the help of FBT Film.
- Growth in Digital Tax Credits – Louisiana’s Digital Media and Software Incentives are available to businesses in the fast growing areas of digital media and software that develop products including video games, simulation/training software and social media applications. Tax credit brokers help ensure that tax credits are turned quickly into cash. “Once I finally got hooked up with a broker who actually knew what he was doing…two days later I have an EFT for the money,” says Chris Read of Carrollton Technology.
- Ever Improving Infrastructure – Louisiana has always boasted world class locations and accommodations, but in recent years the local staffing, crews and vendors have stepped up to offer world class services in each of their respective areas.
FBT Film & Entertainment Set To Contribute $400 Million In 2012
Amidst the growth, FBT Film & Entertainment has been working closely with Governor Park to assist in the expansion of film opportunities in the Bayou State. Both companies are confidant in announcing a new joint venture which could add a further $400 million into the 2012 productions. This profitable collaboration is due to the continued success of the state tax credit system and encourages more work, further opportunities and higher levels of investment.
Leonard Alsfeld of FBT Film and Entertainment recently spoke out about the benefits of using a broker when applying for State Tax Credits. He commented on the financial gain of using FBT Film and Entertainment to purchase State Tax Credits, citing “it’s created a really fluid market for films coming here, because now, instead of waiting until then end of the cycle, which could be six months after they finish principle photography, well now they get the ability to borrow against their bank source at just a slight discount of the States 85% because they know the State is going to pay it. So it creates liquidity.”
It is this liquidity which has shown that state tax credits really are the future of the arts industry in Louisiana. Where films, media, music and software companies are profiting from state tax credits everyday; the predictions set out in 2012 look promising and easily attainable.