Hollywood Unions Warn of 25-Year Decline in U.S. Production Market Share

A coalition of Hollywood unions warned Monday that the U.S. has lost major film and TV production market share over the last 25 years. The report says studios spent 74% of their film budgets in the U.S. two and a half decades ago, but that share fell to 42%; on TV, it dropped from 94% to 64%. The unions— including IATSE, the Directors Guild of America and SAG-AFTRA—released the study as Congress considers a proposed 20%-30% production incentive to revive domestic output. Prepared by EY, the report notes globalization began around the turn of the millennium and that the TV landscape has shifted due to streaming. It estimates that if U.S. share had stayed constant, an additional $4 billion annually would have been spent at home.