From movie studios and TV sets to production offices and associated living accommodation, the property requirements of the vast global media industry are many and varied.
Historically, film studios were rented for the duration of an individual project but companies are increasingly shifting to a model in which space is available to them at all times. Netflix, for example, signed a deal with Shepperton Studios in the UK and purchased ABQ Studios in New Mexico in an effort to grow its production capability.
Other streaming giants are also looking to ink deals for studio space as they increase production. And while new premises are hard to come by in Los Angeles, which tops Savills World Research rankings of media cities around the globe, the search is widening.
Creative hubs such as New York and London (which claim second and third place in our list) as well as Atlanta (fourth) and Auckland (19th) are converting disused industrial warehouses and distribution facilities into studios to meet rising demand – signalling new possibilities for investors keen to broaden their property portfolios.
Covid-19, the rise of streaming services and the increasing importance of technology are all having profound effects on how consumers and producers interact with all forms of media. Established centres and challenger locations each bring something different to the table and offer unique advantages and opportunities. Traditional core locations still lead both the industry and our rankings. Going forwards, however, a more globalised media industry will provide a wealth of content for consumers and resilience against future uncertainty.
Circumstances are forcing companies, producers and performers to innovate and, as a result, technology has become an integral part of the creation and consumption of media worldwide. Media industries were changing before the pandemic and although they and some associated creative sectors will sadly suffer disruption and pain in the short term, their adaptability will help their long-term prospects.
Further information
Contact Kelcie Sellers or Julien Ward
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