Text and photos by Andrea K. Hammer
With some positive signs percolating in the economy, the movie industry is one of the harbingers of good news.
Growth of Global Film and Video Market
According to the Business Research Company’s Film and Video Global Market Report 2023, the global film and video market size will grow from $267.6 billion in 2022 to $283.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The film and video market size is then expected to grow to $344.8 billion in 2027 at a CAGR of 5%.
American Film and Television Industry Boosts Local Economies
In the United States, robust numbers similarly reflect strong activity in the movie industry. Specifically, the Motion Picture Association has reported that the American film and television industry supports 2.4 million jobs, pays out $186 billion in total wages and comprises more than 122,000 businesses. Productions in every city generate jobs, revenue and related infrastructure development–with the potential of $250,000 boosting local economies each day a film shoots on location.
ACX1 Studios Re-Purposing Mostly Vacant Pier in Atlantic City, N.J.: New Entertainment and Film Production Center
As a firm believer that the arts enhance our lives on every level, Artsphoria Media Group was thrilled to learn about the recent re-purposing of the former Playground Pier into an entertainment and film production center in Atlantic City, N.J. Stepping up to revitalize the largely vacant retail and event space, ACX1 Studios and Caesars are bringing music, comedy (Laff House AC) and a new selection of international restaurants back to the Pier, along with television and media production sets!
The pier has more than 12 bars and approximately 100 stores plus additional business areas. Taking advantage of more than 60,000 square feet of warehouse space, a central location on the boardwalk across from Caesars and panoramic views of the ocean and beach, ACX1 Studios also plans to offer music or art studios as well as rehearsal and teaching spaces.
This news was particularly thrilling because of the expanded concept with an exciting film element. Here is an excerpt describing our vision for this space from an earlier blog on Artsphoria:
Artsphoria’s Vision for New Innovation Hub to Expand Arrival of Creative Enterprises in Atlantic City
To re-energize a central but largely vacant facility, a multi-generational innovation center for artists, techies and entrepreneurs would encourage the launch and growth of new businesses. Envisioned as an affordable workspace in a convenient location such as The Playground across from Caesars, private work areas with Internet access as well as meeting rooms for brainstorming and collaborating would allow flexible use on a temporary or long-term basis.
Educational workshops including practical advice about launching and building a business would increase the chances of success for a variety of new enterprises. When these start-ups were ready to launch, immediate access to specially priced space would benefit all parties by re-populating this mostly vacant facility.
Appealing Mix of Creative New Enterprises Needed for Long-Term Revitalization and Sustainability
Instead of focusing exclusively on only a single type of venue, Atlantic City NJ, needs an appealing blend of creative businesses for long-term revitalization and sustainability. By building on the power of arts and business partnerships, a promising outlook for new enterprises will light the horizon in this shore town throughout the year and into the future.
We are following the developments at ACX1 Studios and their positive impact on the city closely, so check back for more news soon!
Text and photos copyright 2023 Artsphoria Media Group/Andrea K. Hammer