Film Cincinnati’s Community Impact has banner year despite unprecedented work stoppage in Hollywood
MovieMaker Magazine names Cincinnati #11 on List of Best Places to Live and Work in the U.S. film industry at Sundance Film Festival this week
CINCINNATI (January 22, 2024) – A new study on Film Cincinnati’s economic impact shows the local film industry brought in $258 million dollars to Greater Cincinnati between 2019 and 2022. The report by the UC Economic Center also shows the film industry created 1,873 jobs during that same time.
Film Cincinnati, which is dedicated to attracting, promoting, and cultivating film, television, and commercial production throughout Greater Cincinnati and Northern Kentucky, supported 26 projects in 2023. These projects included the motion picture Alto Knights (formerly titled Wise Guys), directed by Barry Levinson, and starring Robert DeNiro, which will be released in the fall of 2024, and Nutcrackers starring Ben Stiller with filming in locations throughout Greater Cincinnati over the last two months.
And Film Cincinnati was a chief lobbyist this year in support of an increase in the Ohio Motion Picture Tax Credit. In support of the film industry, state lawmakers voted to pass the tax credit increase, from $40 million to $75 million, starting in July 2024.
Additionally, Film Cincinnati earned the prestigious honor from MovieMaker Magazine as one of the Best Places to Live and Work in the U.S. film industry. Cincinnati remained #11 on the list of one of the most prestigious industry accolades offered for film commissions. Cincinnati holds the highest ranking in Ohio with Cleveland at #18.
New Report: Film in Cincinnati has a $258 Million Economic Impact
This year, Film Cincinnati commissioned an updated Economic Impact Study with the UC Economics Center resulting in a total economic impact of $258 million dollars and 1,873 jobs between 2019 and 2022. Ohio awarded approximately $53.6 million in Ohio Motion Picture Tax Credits to 25 productions filmed in the Cincinnati Region during this period. Between 2019 and 2022, 25 productions, a mix of feature films and television shows, received tax credits from the State of Ohio and were filmed in the Cincinnati region. These productions were evaluated to determine the economic impact and leveraging ability for each fiscal year, respectively.
For the Cincinnati regional economy, every dollar that went to the Ohio Motion Picture Tax Credit program was recovered in tax credits awarded to Cincinnati-based productions plus an additional $1.17 on average. Direct new spending in the local economy resulting from productions is on average $6.54 for every dollar in state tax revenue generated in the Cincinnati MSA. In 2022, Cincinnati experienced the greatest leveraging of State awarded Motion Picture Tax Credits as Cincinnati contributed an estimated $6.2 million in State sales tax revenues for the Ohio Motion Picture Tax Credit program, which in turn created $72.8 million in direct spending. This means that for every dollar awarded as an Ohio Motion Picture Tax Credit resulted in $11.77 in direct new spending in the Cincinnati Region in 2022.
“This past year was a roller coaster ride for the film industry including Film Cincinnati,” said Kristen Schlotman, Executive Director of Film Cincinnati. “We successfully lobbied to increase the Ohio Motion Picture Tax Credit to $75 million, while hosting 26 projects from scouting pre-production, shooting and post-production. We look forward to an exciting 2024.”
Ohio Motion Picture Tax Credit Increases from $40 million to $75 million
The apex of the year for Film Cincinnati was when Ohio lawmakers voted to nearly double the tax credit from $40 million per year to $75 million beginning in July 2024. This major investment by the state of Ohio in the film industry, known as the Ohio Motion Picture Tax Credit, provides a competitive advantage among the 34 other states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands who also offer a movie production incentive.
“This endorsement and the increase in the Ohio Motion Picture Tax Credit by state officials is already paying off with new projects for the coming years,” said Schlotman.
###
About Film Cincinnati
Film Cincinnati is a not-for-profit, (501C 3), organization dedicated to attracting, promoting, and cultivating film, television, and commercial production throughout Greater Cincinnati and Northern Kentucky. Learn more at www.filmcincinnati.com.
1106 Race St. Cincinnati, OH 45202
(513) 784-1744
