Georgia film and TV production spending slips to $2B, a 10-year low

Georgia’s film industry slump is getting deeper with the state seeing the weakest year in production spending in about a decade.

Film and television projects spent about $2 billion in Georgia in the 12 months that ended June 30, according to numbers released Thursday by the Georgia Film Office. This is down from $2.3 billion during the previous fiscal year and less than half Georgia’s all-time high in 2022.

Last fiscal year’s results were even lower than 2020, when business was suspended for about a third of the year by the COVID-19 pandemic.

In total for the 12 months that ended June 30, Georgia saw 280 productions: 13 feature films, 130 television productions, 54 commercials and, notably, 77 independent films.

The number of independent productions in Georgia was up 83% from the prior year, according to the Film Office’s numbers — the bright spot in the annual report.

So continues the decline of production from its most recent peak in 2022, when production spending reached $4.4 billion.

Georgia emerged as a top filming destination, thanks in part to its up to 30% tax credit on qualifying film and television projects. The incentive become one of the largest given to any industry by the state.

Production companies can use the credit to defer their own taxes. But because many aren’t based here and have little state tax liability, Georgia allows the companies to sell the tax credits for cash. The credits tend to trade at about 90 cents on the dollar. The buyers of these credits can use them to reduce their own Georgia tax burdens.

The decline in film and television production has been caused by a few factors, including studios and streamers greenlighting fewer film and television projects, tightening the budgets for those that do move forward and other states and countries upgrading their incentive programs.

Production isn’t dead in Georgia. Plenty of high-profile projects have rolled through the state during the past fiscal year, with others on the way. These include "Man of Tomorrow," the second installment of the most recent “Superman” reboot; "Shark Tank," which moved from Los Angeles to Tyler Perry Studios; and "Comeback King," a feature film starring Glen Powell. Recurring television shows such as ABC’s “Will Trent,” CBS’ “Beyond the Gates” and various game shows are filling stages and providing consistent jobs.

But it’s not at the pace it was only a few years prior. Now Georgia has hundreds, if not thousands, of crew members out of work, and many soundstages waiting for the next tenant to fill their bays.

But this decline is not a problem unique to Georgia. Other states in the U.S. are losing out on projects to other countries, which are offering more lucrative incentives and cheaper labor.

For years, tentpole productions formed the backbone of Georgia’s film industry. Many were helmed by Marvel, from features like “Avengers: Infinity War” and series like “WandaVision.” Now, Georgia seems to be hitting its stride with independent features, which the Film Office defines as any non-studio project.

To qualify for the Georgia film tax incentive, production companies must hit a minimum spend of $500,000, which may feel cost-prohibitive to ultra-low-budget projects. But production companies can bundle together multiple projects to hit that threshold, including more non-traditional formats like micro-dramas.