While the entertainment industry and Hollywood seems to be severely struggling, some in New York are taking some real initiative to turn things around. Instead of panicking about public entertainment taking a hit, these people have figured out a way to respond to the new need for stay-at-home viewing. In addition, the tax breaks the state has given the industry have really helped.
What’s happening is that in various sectors of New York – in particular Brooklyn and Queens – soundstages are popping up.
And now it seems like this is becoming quite the popular industry for private investment firms. For example, both Hackman Capital and Square Mile Capital acquired New York’s Silvercup Studios for $500m.
According to a recent article in The New York Times, while “New York’s arts and entertainment industry has been devastated by the pandemic…the sight of shiny production trucks and the hum of workers rolling equipment on and off film sets is giving the city a glimpse of its former self.” This can be seen in the fact that local studios are full. True, due to limitations they cannot work at full capacity, but still, there is a will to work in this industry.
Queens’ Kaufman Astoria Studios (originally owned by Paramount) films popular shows like Dickinson, Flight Attendant and Sesame Street. According to Chief Executive of the studio Hal Rosenbluth, investing in the community is what George Kaufman always said was good for everyone. Once you help yourself you actually end up helping others.
Let’s hope these investments – with their adherence to coronavirus safety restrictions – end up helping a lot more individuals, communities and the entire New York region.