Sadly in today’s economy the term “cutting your losses” has become prevalent. Just ask most anyone who’s investment strategizing with regards to his or her stock portfolio or dwindling 401K plan.
Indeed the country and pretty much all its states are in budget shortfall, figuring out where to cut and presumably first cutting those areas that are putting a strain on the bottom line. Yet in the short-sighted madness that is the body politic, states sorely in need of capital aren’t always cutting losses but rather programs that are providing capital. It’s like the cutting losses mantra has perversely turned into cutting profits.
Consider production tax credits and filming incentives which are actually bringing in more money than is being spent on them. Yet still states such as Pennsylvania, Wisconsin and New York are reportedly contemplating reducing or not continuing funding for their incentive packages.
An Ernst and Young report forecast that between 2005 and 2010, TV and film productions and related activities in New York are expected to generate about $2.7 billion in state and city tax revenues, compared with an estimated $690 million in state and city credits claimed during the same period.
A movement is underway in New York to preserve and make permanent New York’s incentives program amid concerns it could be sacrificed as the state struggles with how to deal with a $14 billion deficit. Separately New York has a progressive incentives program in place expressly for commercials, which is a key contributor to the health of the economy.
At least California finally has approved filming incentives (see this week’s news story) that apply to qualified features and TV programs. However the Golden State incentives do not apply to commercials, a omission that is penny wise and pound foolish, according to Matt Miller, president/CEO of the Association of Independent Commercial Producers (AICP).
Miller contended that Gov. Schwarzenegger and the legislators “screwed us, not taking into account the work of the coalition [a broad-based entertainment group that educated government about the issues involved] and instead opting for language floated by other entities into the budget. They circumvented the good work of the coalition and that doesn’t ultimately help anybody.”
The ultimate losers in all of this, continued Miller, are the people of California. “Commercials are an extremely important part of the industry. I’d like to remind the ‘Governator’ that when the Writers Guild decided to pull a bonehead move with their actor brethren doing the same thing, television and feature work dried up. The only thing in the filming economic engine keeping Hollywood alive has been commercials.”
Even at that, commercials have been down in California, migrating to other states which have incentives in place that cover spots. This decline is reflected in FilmL.A. permit statistics with on-location spot production down 11 percent in 2008 as compared to ’07 (SHOOT, 1/16).
Miller affirmed that an effective incentives program very much needs “to take into account the everyday production like commercials that is so vital to the economy.”
“Se7en” Turns 30, Gets A Special Restoration From David Fincher For Its Re-Release
For David Fincher, seeing “Se7en” in 4K was an experience he can only describe as harrowing. That or a high school reunion.
“There are definitely moments that you go, ‘What was I thinking?’ Or ‘Why did I let this person have that hairdo’?” Fincher said in a recent interview with The Associated Press.
He’s OK with the film being a product of its time in most respects. But some things just could not stand in high-definition resolution.
“It was a little decrepit, to be honest,” said Fincher. “We needed to resuscitate it. There are things you can see in 4K HDR that you cannot see on a film print.”
Ever the perfectionist, he and a team got to work on a new restoration of the film for its 30th anniversary re-release. This weekend the restored “Se7en” will play on IMAX screens for the first time in the U.S. and Canada, and on Jan. 7, the 4K UHD home video version will be available as well.
The dark crime thriller written by Andrew Kevin Walker and starring Brad Pitt and Morgan Freeman as a pair of detectives looking for a serial killer was somewhat of a career-reviver for Fincher, whose directorial debut “Alien 3” had not gone well. “Se7en” was not a sure thing: It was made for only $34 million (and only got that when Fincher managed to persuade studio execs to give up $3 million more). But it went on to earn more than $327 million, not accounting for inflation, and continues to influence the genre.
Fincher has over the years overseen several restorations of the film (including one for laser disc) but decided this needed to be the last. It’s why he insisted on an 8K scan that they could derive the 4K from. He wanted to ensure that it wouldn’t have to be repeated when screens get more... Read More