Coming to you live from midtown Manhattan! Ok, that's not entirely true, but considering that for the next ten days parts of Rochester are being made to look like New York City while car chase scenes for The Amazing Spider-Man 2 are filmed here, it's not as big of a stretch as you'd think. The same could be said for what it's costing us, and other New York State residents to have the movie filmed here.
Consider the numbers. It's estimated that Spider-Man will pump more than $600,000 into our local economy. That includes 3,000 hotel nights, along with an additional $400,000 on local vendors, and nearly $200,000 on craft services, food, and coffee (that's a lot of coffee)! At first glance, that's impressive, especially considering that "Spidey" as the movie has been nicknamed, will be filming in Rochester for less than two weeks.
Now for the other side of the story. Movies shot in New York State qualify for a 30% tax credit. Funny thing is, New York State does not release how much money a film like Spider-Man receives in tax credits. Why would they do this? Hint: tax credits = our tax dollars.
13WHAM-TV featured this story, noting that while the impact on our local economy will be substantial, so will the tax credit that is given to the movie. A 30% tax credit means $200,000 in tax dollars that goes back to makers of the movie. While we won't know for sure how much Spider-Man actually does receive in tax credits, similarly large films have received credits worth millions of dollars!
Now, I don't ever like to rain on parades, or movie shoots in our area, for that matter. I'm glad our city is getting some well-deserved attention and will be sure to see Spider-Man when it comes out. It's just worth noting that our cost to see the movie goes beyond a $10 ticket at the theater.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).