NBCUniversal is setting up shop in New Mexico, announcing plans on Friday to build a new TV and film studio in Albuquerque and pledging to spend $500 million in production over the next 10 years.
NBCU is entering into a 10-year venture with Garcia Realty and Development to redevelop an empty free-span warehouse in the New Mexico area into a state-of-the-art studio with two sound stages, offices and a mill. Over the next 10 years, NBCUniversal will produce television and film projects at the Albuquerque facility, with the aim of reaching $500 million in direct production spending…
The deal comes just months after Gov. Grisham signed into law one of the most aggressive incentive packages for the film and television production industry in the United States, which doubled the annual payout for productions that come to New Mexico. This also comes as other states like Georgia and Louisiana are coming under fire for new abortion laws that have led to calls for Hollywood studios to boycott those states.
Lots of solid movie production talent with decades of experience here in New Mexico. Sounds like a win all the way round.
5 thoughts on “NBCUniversal to Invest $500 Million in a Production Studio in Albuquerque”
“…NBCU will have more than 330 full-time jobs year-round at its New Mexico hub, generating an economic impact of $1.1 billion over 10 years. The total number of jobs, direct and indirect, should exceed 800, according to an economic analysis by the state.
Last October, Netflix purchased ABQ Studios in Albuquerque’s Mesa Del Sol community, pledging to spend $1 billion in production over the same time frame.”
The typical formula for economic impact relies on a multiplier-how many times a dollar is estimated to circulate in a community-which differs from state to state. Many state film offices use a 5.5 ($1 million in actual spending = $5.5 million in economic impact) – New Mexico uses a multiplier of three.
California Gov. Gavin Newsom said Wednesday he supports legislation that would provide $1.65 billion in new TV and movie tax credits for film and television creators, hoping to bring Hollywood studios back to California for production.
In announcing his support, Newsom put pressure on Hollywood to avoid doing business in states that “have waged a cruel assault on essential rights” after the Supreme Court’s reversal of Roe v. Wade.
The bill endorsed by Newsom would offer $330 million annually in tax credits to film, TV and media productions filming in California through 2030, which is when the program was originally set to expire, per The Hollywood Reporter [link]. https://www.axios.com/2022/08/03/gavin-newsom-california-tax-roe-wade
“828 Productions to Relocate to New Mexico, Plans to Build Studio Complex
The California-based firm was enticed by generous tax incentives in its move to the Southwest.” (Hollywood Reporter) https://www.hollywoodreporter.com/business/business-news/828-productions-to-relocate-to-new-mexico-plans-to-build-studio-complex-1235201202/
“Over the next six years, California-based 828 Productions plans to invest $75 million to build a 300,000-square-foot studio and 20-acre back lot, creating at least 100 high-paying jobs in Las Cruces. The firm began ramping up its production efforts in May 2022, filling key positions and purchasing a 7,500-square foot office building in downtown Las Cruces for training, post-production, and visual effects work.
With the LEDA [Local Economic Development Act] agreement and other guarantees from the company to invest in workforce training, 828 Productions is set to become New Mexico’s third film partner, joining Netflix and NBCUniversal. The partnership model is a key provision of 2019’s Senate Bill 2, spearheaded by Lujan Grisham, which revised the New Mexico film tax credits to catalyze permanent investments from the film and television industry in New Mexico.
The film company intends to shoot its first production in the new Las Cruces Studio before the end of 2022 and spend $350 million on productions over the next decade.” https://abq.news/2022/08/third-large-scale-film-production-company-to-headquarter-in-new-mexico/
2AM MDT, tomorrow morning, 19th…good news, indeed.
‘Breaking Bad’ Was Never Supposed to Be Set in New Mexico – But One Thing Changed That https://www.thewrap.com/breaking-bad-where-was-it-filmed-new-mexico-tax-credits/
Vince Gilligan, creator of “Breaking Bad,” long ago noted that he originally wrote the show to take place in Riverside, California but New Mexico’s generous tax rebates for Hollywood production were too strong to resist.
See also New Yorker interview “Vince Gilligan Wants to Write a Good Guy :
After fourteen years of “Breaking Bad” and “Better Call Saul,” the showrunner talks about how TV has changed, the sins of auteur theory, and the appeal of an old-fashioned hero.” (August 21, 2022) https://www.newyorker.com/culture/the-new-yorker-interview/vince-gilligan-wants-to-write-a-good-guy