What Does the Future Hold for Boston Video Production Companies?
For decades, Boston has been a hot spot for video production companies. The Massachusetts video production industry, also known as “Hollywood East,” is considered one of the best in the world. Video production companies prosper considerably in Boston. They also generously stimulate the economy of Massachusetts.
But will video production companies continue to prosper in Boston? To predict what the future holds for Boston video production companies, it’s essential to understand the current situation of these companies. Recognizing why they establish themselves in Boston is also vital to foretell the future of these companies.
Read on to learn more about video production companies in Boston and what lies ahead in the future for these companies.
Why Video Production Companies Come to Boston
Currently, there are a substantial number of video production companies in Boston. There are several significant reasons that video production companies establish themselves in Boston. The diverse landscape of Massachusetts has a lot to offer, making it an attractive film location opportunity. Video production companies often use the capital city as their headquarters when filming in the surrounding areas of Boston. As far as landscapes go, Massachusetts has it all: beaches, mountains, suburbs, and metropolis cities.
In addition to a unique landscape, Massachusetts provides financial benefits to video production companies spending over a minimum of $50,000 in-state. The state provides a 25% tax credit to companies paying over the minimum. Any purchases made for the production are also tax-exempt. Film production companies come to Boston and other cities in Massachusetts due to this generous film tax credit offered by the state. However, the creation of the new Massachusetts state budget threatened the film tax credit program.
Threats to Massachusetts Film Tax Credit
Recently, the state Senate attempted to cut back on some of the tax benefits offered to video production companies in Massachusetts. The result of this could have been disastrous for the future of Boston video production companies. State House representatives pushed back on these changes. They argued that it would negatively affect the local economy. The lawmakers managed to reach an eventual compromise. The compromise permanently extended the film tax credit program. To authorize the new budget, Governor Charlie Baker needed to approve and sign the bill.
On Friday, July 16, Governor Charlie Baker signed the budget that included the permanent extension of the film tax credit program. The signing of the budget was a huge win for Boston video production companies. With the film tax credit secured, the future of Boston video production is no longer at stake. Film production companies in Boston and Massachusetts will continue to receive beneficial tax credits for filming in-state. Hopefully, the permanent extension of the film tax credit program will draw even more of these companies towards Boston.
Due to the plethora of video production in Boston, Hollywood stars’ sightings are not uncommon. Boston has been nicknamed “Hollywood East” due to many film production companies in the New England area. Film production companies have been drawn to Massachusetts for decades due to the diverse landscape the state has to offer. Oceans, mountains, cities, farmland, and suburban areas are all different filming locations that Massachusetts offers.
The appeal of film tax credits in Massachusetts is another incentive for video production companies to establish themselves. Being the the most populated city in the state, Boston has been a prime hub for production companies looking to film in Massachusetts. The tax benefits offered by the state led to a surplus of these companies launching in Boston. Hopefully, the recent approval of the new state budget will allow Boston to maintain its East Hollywood nickname.
Current Projects in Boston
There are currently several Hollywood film productions taking place in Boston. Video production is picking up significantly since the state began reopening after the COVID-19 pandemic. The COVID-19 outbreak severely affected video production in Boston. Production came to a complete halt in 2020. After a period of inactivity due to COVID-19 lockdowns, film production companies in Boston have been revived in recent months.
Over half a dozen big-budget projects are currently being filmed in Boston. These projects include Hollywood films such as Spirited, starring Will Ferrell and Ryan Reynolds, and “Mothership Android,” starring Halle Berry. Several popular television also shows a film on location in Boston. Some well-known examples include “Dexter” and “American Horror Story.” Producers will continue to film major Hollywood productions in Boston and surrounding areas within Massachusetts.
What’s Next for Boston Video Production Companies?
With the permanent extension of Massachusetts’ film tax credit, it’s safe to say that Boston video production companies will continue to thrive. The continuation of video production in Boston will allow the Massachusetts metropolis to preserve its East Hollywood nickname. The approval of the budget, including the film tax credit, was a relief to those working in the video production industry in Boston.
Hopefully, the number of film production companies that choose to work in Boston will continue to increase. An increase in these companies would be tremendously beneficial to the local economy. Big-budget Hollywood productions spend enormous amounts of money within Massachusetts communities. Since 2006, it is estimated that video production companies have spent over $2.8 billion in the state. Without these productions, the Boston economy would suffer significantly.
Since Massachusetts is permanently extending the film tax credit program, the number of film production companies in Boston will increase. Worst case scenario, these productions will plateau. If that happens, Boston will not see any radical economic growth. However, past patterns suggest that the number of these companies in Boston will continue to grow.
It looks like things are looking up for Boston video production companies.