AUSTIN | Economic Development

[ATX2030]

Originally Posted by ATX2030

Meta planning thousands of more cuts after widespread layoffs, report says

https://www.cnbc.com/2023/03/07/meta...d-layoffs.html

Official now. Wonder how many will be in Austin?

Meta to lay off 10,000 more workers after initial cuts in November

https://www.cnbc.com/2023/03/14/meta...ructuring.html

[StoOgE]

Thats another 15% of their workforce.

[GoldenBoot]

Austin lost 222 in the initial round. I'd expect about that (or a bit less) this round - based on the departments executives seem to be targeting.

[freerover]

Travis County factory faces more accusations of exploited labor. The tweet includes video interviews from the accusers.

https://twitter.com/moreperfectus/st...2xYadf5J0ZwQ4g

[ATX2030]

Wonder how this is going to affect Apple's Austin operations

Apple reportedly delaying some employee bonuses as the company cuts costs

https://www.cnbc.com/2023/03/14/appl...ts-report.html

[clubtokyo]

Well Apple has a huge campus here so I’m sure local employees will be impacted. Better to have a bonus delayed than no high paying job.

[We vs us]

Originally Posted by clubtokyo

Well Apple has a huge campus here so I’m sure local employees will be impacted. Better to have a bonus delayed than no high paying job.

So far they've really resisted the mass layoffs of the other FAANG companies. If I was an Apple guy I'd totally go for late bonus.

[ILUVSAT]

Apple also did not invest in (too many) risky ventures as did Amazon and Facebook.

[freerover]

Originally Posted by ILUVSAT

Apple also did not invest in (too many) risky ventures as did Amazon and Facebook.

We'll see how it works out with the pac 12.

[randalls]

This news flew under the radar this week (article below), but has potentially sizable economic impact for our area. Essentially, Texas is looking to pass what would become the largest and most aggressive Film & TV tax incentive in the country in order to bring productions spending $15MM or more to Texas. This bill/incentive would focus on landing the bigger budget studio movies and TV series, the way Georgia has been so successful at doing this. But the Texas incentive would be even more aggressive than Georgia's.

I work in the film industry and Austin is my home, but out of all the movies I've worked on over the past 15+ years of my career, only 1 of them has ever been shot in Texas. The next film I'm working on is set in Austin, but the financiers want to shoot it in Oklahoma because there is currently no good tax incentive to shoot here - which is obviously very depressing. (Texas currently has a film incentive, but it's paltry and uncompetitive for most producers/financiers).

It seems this bill/incentive may actually pass, given the people behind it (including Lt. Gov Dan Patrick). And if it does, I can't state how huge this will be for the area, and for the entertainment industry in general.

You will see many more productions filming in the area (and more movies with the Austin skyline in it) - more spaces like the new Bastrop 552 Studios and Hill Country Studios being built around Austin. You will probably see a whole new host of ancillary film/tv businesses opening up shop in the area too (like post-production facilities, etc). And lots of middle class crew members that currently live in other production hub cities would most likely end up moving their families to Austin for the work. Crew members always move to the states with the best incentives, because that's where the work is. I have many friends in the industry that want to live and work in Austin (and leave places like Atlanta, New Orleans and LA), but we just currently don't have enough work here to keep enough of them employed full time. This incentive would change that.

https://www.hollywoodreporter.com/bu...ne-1235348319/

[clubtokyo]

That’s huge! Thanks for sharing Randall’s!

[freerover]

There is an issue of trust with the state of texas that producers have to consider. They fucked over Robert for some bullshit and with Florida trying to influence Disney the way they are, I wouldn’t trust the state of texas to be on the up and up with major incentives. I hope it works out but I have doubts.

In contrast, Georgia is also very red but they don’t fuck with private business the way that other red states do.

[atxsnail]

Originally Posted by freerover

There is an issue of trust with the state of texas that producers have to consider. They fucked over Robert for some bullshit and with Florida trying to influence Disney the way they are, I wouldn’t trust the state of texas to be on the up and up with major incentives. I hope it works out but I have doubts.

In contrast, Georgia is also very red but they don’t fuck with private business the way that other red states do.

It doesn't match Disney vs Florida, but I remember Georgia and Delta (and Coke, among others) were very publicly at odds over voting restrictions.

[randalls]

Originally Posted by atxsnail

It doesn't match Disney vs Florida, but I remember Georgia and Delta (and Coke, among others) were very publicly at odds over voting restrictions.

Yeah, and Hollywood’s been at odds with Georgia multiple times on various laws (ie “Heartbeat bill” etc) and threatened to take their business away but at the end of the day Hollywood wants that money so they always stay. Still about the dollar end of the day. So whoever offers the best incentives is where they go.

[freerover]

It is not an issue of objectionable bills. It’s the government trying to influence the film. That’s what Desantis is after in Florida. He wants to intimidate Disney into being “less woke” and he’s using the state government to do it via the takeover of Disney land. In texas years back, the state stiffed Robert bc they didn’t like how the bad guy in the movie is the governor of texas. You can’t let a government body dictate your movie. At least not a state government and hopefully not the feds.

Edit: https://www.texastribune.org/2016/01...ete-producers/

[clubtokyo]

Ha! Intimidate Disney. Good fucking luck.

[enragedcamel]

Originally Posted by randalls

This news flew under the radar this week (article below), but has potentially sizable economic impact for our area. Essentially, Texas is looking to pass what would become the largest and most aggressive Film & TV tax incentive in the country in order to bring productions spending $15MM or more to Texas. This bill/incentive would focus on landing the bigger budget studio movies and TV series, the way Georgia has been so successful at doing this. But the Texas incentive would be even more aggressive than Georgia's.

I work in the film industry and Austin is my home, but out of all the movies I've worked on over the past 15+ years of my career, only 1 of them has ever been shot in Texas. The next film I'm working on is set in Austin, but the financiers want to shoot it in Oklahoma because there is currently no good tax incentive to shoot here - which is obviously very depressing. (Texas currently has a film incentive, but it's paltry and uncompetitive for most producers/financiers).

It seems this bill/incentive may actually pass, given the people behind it (including Lt. Gov Dan Patrick). And if it does, I can't state how huge this will be for the area, and for the entertainment industry in general.

You will see many more productions filming in the area (and more movies with the Austin skyline in it) - more spaces like the new Bastrop 552 Studios and Hill Country Studios being built around Austin. You will probably see a whole new host of ancillary film/tv businesses opening up shop in the area too (like post-production facilities, etc). And lots of middle class crew members that currently live in other production hub cities would most likely end up moving their families to Austin for the work. Crew members always move to the states with the best incentives, because that's where the work is. I have many friends in the industry that want to live and work in Austin (and leave places like Atlanta, New Orleans and LA), but we just currently don't have enough work here to keep enough of them employed full time. This incentive would change that.

https://www.hollywoodreporter.com/bu...ne-1235348319/

One of my close friends works in film, and he said this is actually a bad bill because companies only need to hire 25-30% local talent to get the incentives. Whereas the current incentives require 70% to be local.

He said, quote: "So for instance if they hired local grips they don't need camera department or hair and makeup or wardrobe or any other department. It will essentially make it so that a lot of people won't get work because others will be brought in from other states."

[randalls]

Even if it is only 25-30% local crew it would still be a massive boom to the local economy. Crews being hired are just a fraction of local spends on production. And 70% local in the current incentive is totally unrealistic. I’ve hired crews multiple times for commercial shoots in this state and it’s always hard staffing the whole thing local because so many production folk moved to other states for work.

Originally Posted by enragedcamel

One of my close friends works in film, and he said this is actually a bad bill because companies only need to hire 25-30% local talent to get the incentives. Whereas the current incentives require 70% to be local.

He said, quote: "So for instance if they hired local grips they don't need camera department or hair and makeup or wardrobe or any other department. It will essentially make it so that a lot of people won't get work because others will be brought in from other states."

[Novacek]

Originally Posted by randalls

Even if it is only 25-30% local crew it would still be a massive boom to the local economy. Crews being hired are just a fraction of local spends on production. And 70% local in the current incentive is totally unrealistic. I’ve hired crews multiple times for commercial shoots in this state and it’s always hard staffing the whole thing local because so many production folk moved to other states for work.

Yeah, especially if this bill imagines immediately significantly increasing the # of local productions all competing for that same talent.

Gradually increase that percentage each time the incentive is renewed seems more realistic, as the talent pool grows.

[enragedcamel]

When does the bill get voted on? I know our legislature meets every other year...