Forget those gloomy economic reports, at least for a while, as the Chicago film industry looks forward to upbeat and expansive business in 2008 ? strikes notwithstanding.
Driving the optimism is the insatiable web. The staggering amount of content it gobbles up has created explosive new business opportunities in every area of the visual media industry.
ReelChicago talked to a sampling of industry veterans for their take on new developments in the year ahead. Here are their observations.
INDUSTRY STRIKES ASIDE, IFO director Betsy Steinberg reports her office has been busily scouting on big, major studio films.
She also notes an encouraging interest from TV dramas to shoot in Illinois, a gap waiting to be filled since the “Prison Break” series headed for Dallas in 2006.
The expectation is for 2008 to be another big revenue year for features. The IFO hasn’t vetted the final numbers yet, but reliable non-IFO sources put the estimated total amount at a record-breaking $175 million (thank you, Batman).
Of that amount, an estimated $30 million is attributed to commercial production, a repeat of the same numbers as 2007 — and that’s something to shout about.
There’s no question that the substantial revenue spike was propelled by Illinois’ generous 20% tax credit. While the incentives’ extension is stalled in Springfield by legislative karfuffles, it hasn’t stopped a steady flow of inquires and applications.
FYI: The Illinois Production Alliance leads the legislative charge for the tax incentives; a good reason to join and support it.
