Surge In Studios Affecting Businesses Nationwide

The film and TV sector has consistently been known as an industry that is productive at creating ancillary income for an economy. Whether that be for local businesses, specific locations, or countries. With the current studio boom production’s intangible money-making ecosystem is creating more impact than ever before.

Studios have been popping up across the United States to facilitate an unprecedented increase in production from studios, platforms, independents, and broadcasters. Investment in the area has increased as firms and individuals anticipate a further ramp-up in high-budget productions coupled with the current lack of tangible infrastructure and – to an extent – workforce.

Historically, location tourism has been on the incline with visual recognition being a key decider on where consumers decide to travel. Studios mitigate this to a degree but usually, productions will also film in the local area as well.

In a study of 1000 Americans in October 2022 by photoAiD, it was discovered that “96% of Americans have visited places associated with their favorite television shows or movies at least once in their lifetime,” and also that “78% of travelers are likely or very likely to opt for TV-or movie-themed trips in 2023 and beyond.”

Interestingly, Hawaii was picked as the United States’ most desirable film tourism destination, according to 31% of respondents. This is predominantly due to Jurassic Park filming there. As a result of just Jurassic World: Fallen Kingdom the Hawaiian economy gained a $31 million boost and gave more than $6.9 million in wages to 1,200+ Hawaiian workers.

New York was also a very popular destination for respondents due to Home Alone 2, Joker, and Friends.

With locations in popular filming hotspots, the True REST Float Spa franchise has summarily profited from the generation of studios across the U.S. Specializing in flotation therapy the brand has 39 locations in 22 states with 10 more that are currently under contract. True REST is aiming to scale to 60 locations this year and 100 in 2024.

On the brand’s popularity with entertainment sector workers, the president of the company, Mandy Rowe, said: “We’ve been very popular with people that work in high-stress trades and industries. There’s a common misconception that the entertainment industry is all sunshine and rainbows but our experiences from interacting with people is that crew and teams can work long hours and be away from family for extended periods of time. We provide a place to recuperate as a result.”

“I was originally inspired by the therapy for its uses for veterans that were suffering from PTSD, insomnia, and had high levels of anxiety. Then we realized it applied to numerous high-stress industries and expanded from there.”

Floatation therapy in this instance involves an individual floating in a pod with 180 gallons of water mixed with 1,000 pounds of Epsom salts. The inherent environment in the treatment is free of gravity and the five senses and is scientifically proven to help with physical and mental recovery, depression, insomnia, PTSD, pain relief and anxiety. As well as helping with meditation and visualization.

Rowe continued, “Opening new locations are of course key for us and with our franchisees, we try and instil an understanding of looking at different locations through the lens of their potential popularity with the entertainment industry as those places will have the propensity to bring in more customers for us. Now with the growth in new films and TV shows, we hope it has a continued trickle-down effect on our current locations and will help us launch new ones.”

“Over the past two decades I’ve worked in commercial real estate, so I have a unique understanding of how much infrastructure has to play in economic growth. We want to empower new entrepreneurs and continue donating free floats to veterans and those in need also. We’ve serviced and provided help to over a million people as it stands and we want to continue raising awareness of the therapy to aid even more.”

Interestingly, Rowe also aims to amalgamate float therapy with the entertainment sector through virtual reality (VR). True FLOAT wants to start utilizing sensory enhancement, using the technology for memory retention, language learning, guided meditations, and to give people goal-oriented programs. The objective being that the therapy is as much mental as it is physical.

“Perhaps some of our entertainment guests can help with that!” She opined.

The pandemic by all accounts was meant to dramatically slow down if not stop the film and TV industry. It certainly slowed down to an extent juxtaposed to what it would’ve been without the pandemic, but that was seemingly just for production because of increased scrutiny over protocols and the lack of insurers wanting to underwrite projects.

Plans of growth – both tangible and intangible – were still bubbling beneath the surface waiting for the pandemic to slow down. Once that happened industry metrics on studio and production development went to record-breaking levels. Subsequently helping revitalize businesses across the United States post-pandemic.

Dan Nicholson, the CEO of the financial consulting firm, Nth Degree CPAs and author of Rigging The Game, commented that the entertainment industry had created a unique opportunity for entrepreneurs and workers across sectors to capitalize on its ambitious growth.

“We want people ultimately to have to find opportunities with significant upside. Oftentimes, entrepreneurs are acting out of FOMO and end up in opportunities with more downside than upside. Now with studios popping and production companies popping up everywhere there’s more opportunity to be stoic and execute on the right deals with the least effort and risk. Look at what has happened in Georgia through their tax rebate scheme.”

“People must stay ahead of the system, and ahead of the game. Getting a preponderance of data and setting rules are key parts of informing decisions. It’s so key to take advantage of what the current climate is giving us so success is a more determined and easier path. The entertainment industry is statistically helping open up those doorways for a lot of people either directly or indirectly.”

With many more studios intended to open in 2023 the influx of new businesses, workers, and the generation of new revenue schemes is set to continue due to the advancement in the number of studio locations across the country and the increase in production.