Over 80 LA film production businesses close since 2022 as industry contracts
Since 2022, more than 80 production service companies in Los Angeles have shut down due to a contraction in the industry. The number of film shoot days in LA has plummeted by nearly 50% since 2019, resulting in approximately 57,000 job losses over four years. Contributing factors include productions moving to more tax-attractive locations and the decline of the streaming surge. Significant closures include Costume Rentals Corp., Valentino's Costume Group, and Faux Library Studio Props. Quixote is reducing its sound stage operations, leading to 70 layoffs. Hackman Capital Partners has defaulted on a $1.1 billion mortgage, prompting Deutsche Bank to initiate foreclosure on Kaufman Astoria Studios. CBS is moving "Tracker" to LA after securing a $48 million tax credit, impacting Marvel Studios and Georgia's film sector as well.
Key facts
- More than 80 film and television production service businesses across Los Angeles have closed since 2022.
- Film shoot days in LA have fallen nearly 50% since 2019.
- The motion picture industry has shed approximately 57,000 jobs in four years.
- Costume Rentals Corp. began liquidating its inventory after 50 years in business.
- Marc Meyer, owner of Faux Library Studio Props, died last July at 77.
- Quixote announced it is winding down most of its sound stage business in Los Angeles, closing operations in Atlanta and laying off 70 employees.
- Hackman Capital Partners defaulted on its $1.1-billion mortgage on Radford Studio Center.
- Deutsche Bank filed a foreclosure complaint on Kaufman Astoria Studios in Queens, NY.
Entities
Artists
- Vince Gervasi
- Shon LeBlanc
- Marc Meyer
- Jan Pascale
- Sarah Adina Smith
- Marlon Gilbert
- Scott Niner
- Cale Thomas
- Gregg Bilson
- Kevin Klowden
Institutions
- Triscenic Production Services
- Shark Tank
- ABC
- Sony Pictures Studios
- FilmLA
- Quixote
- Hudson Pacific Properties Inc.
- ACME Directory
- Milken Institute
- Costume Rentals Corp.
- Valentino's Costume Group
- Western Costume
- Faux Library Studio Props
- Gilbert Production Service
- Dangling Carrot Creative
- CBS
- Stay in LA
- Marvel Studios
- Hackman Capital Partners
- Radford Studio Center
- Deutsche Bank
- Kaufman Astoria Studios
- Manhattan Beach Studios
- ISS Props
- Fox
- Disney+
- Lucasfilm
- GoFundMe
- The Times
- CRE Daily
Locations
- Los Angeles
- Culver City
- Atlanta
- Santa Clarita
- North Hollywood
- Commerce
- Valencia
- Georgia
- Vancouver
- Canada
- United Kingdom
- Queens
- New York
- California