The Hollywood sign in Los Angeles on Jan. 22, 2024Mario Tama | Getty Images News | Getty ImagesThere was a time when Hollywood simply referred to a neighborhood in the central region of Los Angeles.These days, “Hollywood” has come to represent the entire domestic entertainment business — and it’s at a crossroads.Its namesake area is no longer the bustling production hub it once was, as studios have chased tax benefits and lower labor costs overseas. It’s more expensive than ever to make a movie or television series, especially after the pandemic and the writers and actors strikes which reshaped how creatives are paid in the new streaming economy.Many in the industry have sought to rectify the movement of thousands of jobs to other domestic filming hubs — like Georgia, New York, Texas, New Mexico and North Carolina — and international locations including Canada, the United Kingdom, Ireland, Hungary, Croatia, Romania, Australia and New Zealand.In July, California Gov. Gavin Newsom increased the state’s total film and TV tax credit to $750 million, nearly doubling the previous cap, to try to encourage more productions to film in Los Angeles.President Donald Trump put a spotlight on the issue again Monday when he reiterated tariff threats on films made outside of the United States.”Our movie making business has been stolen from the United States of America, by other Countries, just like stealing ‘candy from a baby,'” he wrote in a post on social media, adding that he would impose a 100% tariff on “any and all movies that are made outside of the United States.”Trump made similar comments in May. Then as now, it is unclear how he plans to implement these duties, who they would target and who would foot the potential bill. Actor Jon Voight, who Trump appointed as “special ambassador” to Hollywood, said tariffs would only be implemented in “certain limited circumstances,” and the administration would focus on developing federal tax incentive …
