The city of lights is losing its glow as the film industry in Los Angeles continues to shrink.
Sky-high tax credits in New York, New Orleans, the United Kingdom and Australia have enticed film producers to make their movies elsewhere. In California, the budget for tax credits is a mere $100 million dollars per year, compared with New York’s $420 million.
In an attempt to bring back Hollywood, newly elected Mayor Eric Garcetti has promised to hire a film czar to help make the case for broadening film-industry tax credits at the state level.
Sharon Waxman, founder and CEO of TheWrap.com, a digital news organization covering the business of entertainment and media, joins The Takeaway to talk about what’s driving the film industry out of L.A.