The New Jersey Economic Development Authority recently awarded $400 million in Aspire tax credits to Bayonne-based 1888 Studios, marking the largest and first campus-style studio facility in the Northeast. This development propels New Jersey into the spotlight of the entertainment world, securing its status as a major hub in the film and television industry, now recognized as the new “Hollywood East.”
Netflix’s Strategic Partnership
Recently, Netflix designated as a New Jersey Studio Partner, bolstering the economic impact to the state with a $1 billion investment in its East Coast flagship production studio at Fort Monmouth. This development expects to generate 1,500 industry jobs. As part of this partnership, Netflix commits to occupying a New Jersey film production facility for at least 10 years, making it eligible for tax credits on future film projects.
A Thriving Job Market
New Jersey’s film industry is experiencing resilient growth, employing more than 8,500 people throughout 2023. This number will rise with major projects on the way, including Lionsgate’s new studio in Newark and the upcoming 1888 Studios in Bayonne, which will be the largest ground-up movie studio complex in North America. The industry expects to generate $1 billion annually by 2026 and surpass the multi-billion-dollar threshold by 2035.
High-Profile Productions
Furthermore, New Jersey has become a favored backdrop for numerous high-profile films and television shows. Box-office hits such as “Oppenheimer,” “The Joker,” “The Irishman,” “The Avengers,” “The Hunger Games: Catching Fire” and “The Sopranos” have all featured New Jersey locations. In 2023 alone, notable productions like “Mean Girls: The Musical,” “It Ends With Us” starring Blake Lively and Justin Baldoni, “The Front Room” and “Joker: Folie à Deux” were filmed in the state.
Economic Impact
The economic impact of the film industry in New Jersey is substantial. According to the Motion Picture Association (MPA), the state has seen $2.15 billion in film industry wages since 2020. The industry has created over 19,000 jobs, and when including indirect and induced impacts on local vendors and other businesses, the total job creation exceeds 57,670.
The Future of Hollywood East
As the state continues to attract major studios and high-profile productions, its reputation as “Hollywood East” is becoming more established. With ongoing developments and a thriving job market, New Jersey is set to become a powerhouse in the entertainment industry, driving economic growth and securing its position among industry leaders.
Therefore, New Jersey’s transformation into a major film industry hub boosts local economies and sets the stage for a future where it competes with the most iconic film production areas in the world.
About the Author/s
Alondra Cabrera is the Editorial Assistant at New Jersey Digest. She recently graduated from Montclair State University with a degree in Communication and Media Studies. During her time at school, she discovered her passion for journalism and content creation. In her free time, she loves to create and edit videos for her corgis, Rafi and Toffe, and indulge in culinary adventures with her friends. Alondra also enjoys traveling, cooking, and working out. She is excited to embark on her professional journey in media and looks forward to contributing her skill and creativity to her role here at New Jersey Digest.
