New Sylmar Studios bets on the growing popularity of streaming services – Daily News

on May17
by | Comments Off on New Sylmar Studios bets on the growing popularity of streaming services – Daily News |

Years of growing demand for streaming content launches a new phase of film and television studios in the San Fernando Valley.

The $500-million state-of-the-art Sylmar Studios facility, which will offer space for film and television production, broke ground on Monday, May 16, in Sylmar.

Tony Guanci, CEO of Sylmar Studios, said one of the reasons his company decided to build the facility in the San Fernando Valley is because it’s near several contact creators, including NBC Universal and The Walt Disney Studios.

While the 300,000-square-foot facility is not set to open until spring of 2023, Guanci said, he was confident there will be strong demand for his studio space.

“If you take a look at the major players, companies like Walt Disney Company, Universal, Paramount, Amazon or Netflix, they’re always looking for space. They’re always in the market trying to find something that works for them.”

With the growth in popularity of streaming platforms, Guanci added, there is a shortage of A-level production stages that can be used in the film industry.

“There is such a shortage that I would think that it’s pretty much the entire spectrum of potential tenants that would use the space,” he said.

It was important, he added, to find a location within the so-called thirty-mile zone, known as  TMZ, defined by a 30-mile radius area used by union film projects to determine per diem rates and driving distances for crew members. The center of the zone is located in Hollywood and the zone includes nearly 90 cities in Los Angeles, Orange and Ventura counties.

Streaming content has soared in recent years, with the number of subscriptions to streaming services reaching 1.3 billion worldwide, a 14% increase from 2020.

The number of online video subscriptions in the U.S. reached 353.2 million, up 14% from 2020, according to The Motion Picture Association’s annual report.

The number of virtual pay-TV subscriptions, including YouTube TV and Hulu, has jumped to 4.5 million, up 18% from 2020.

Only last year, the streaming services produced nearly 180 original films mostly for their platforms, a 60% increase from 2019. The number of adults across the country, who began viewing movies and TV shows on a streaming service jumped 53% since the beginning of the pandemic, the report said.

The Sylmar facility will encompass 27-acres, featuring 12 soundstages, 120,000 square feet of office space and a 35,000 square foot rental facility.

Guanci said he hoped the new facility would help keep film and television productions and jobs within the region.

“Sylmar Studios will be hugely positive for the local creative community and for the thousands of jobs that this new facility will help to support in Sylmar, which is primed to thrive,” he said.

Los Angeles City Councilwoman Monica Rodriguez, whose district includes Sylmar, said Sylmar Studios will help bring new industries and jobs into the area.

The new facility will provide “a major economic impact to drive the local economy and create a space for local production for television and film,” she said.

Previous postVictorville Walmart Shooting Turned Out to Be 2 Teens Firing a Gun in the Desert – NBC Los Angeles Next postGuatemalan citizens in Los Angeles will now be able to process a 10-year passport – NBC Los Angeles

Los Angeles Financial times

Copyright © 2022 Los Angeles Financial times

Updates via RSS
or Email