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Yahoo
02-04-2025
- Business
- Yahoo
Opinion: What does the loss of a film festival mean?
A report by the market research firm Y2 Analytics said the Sundance Film Festival provides about $132 million to Utah's annual gross domestic product, as well as 1,730 jobs. That is not a small addition to the state's economy, and it underscores how much the festival will be missed when it moves, as its organizers have announced, to Boulder, Colorado, beginning in 2027. Still, it should be kept in context. Utah's 2023 total GDP was $225.5 billion, according to making the festival 0.06% of the total. And that GDP grew by 3.7% that year and continues to grow. Utah saw a total of 14.6 million out-of-state travelers in 2023. Some of the money lost when the festival leaves will be mitigated by extra skier tourism days filling hotels and restaurants that used to be filled with festivalgoers. In other words, Utah's economy will be fine. However, this is about more than just dollars and cents. Over its more than 40 years in Utah — and prior to the 2002 Olympics — Sundance came to define Park City. That, in turn, amounted to the equivalent of millions of dollars in free advertising for the state and the ski town. Doubtless, many tourists came to Utah because of impressions made by coverage of the festival, in the process spending money on hotels, car rentals and meals. Those visits no doubt expanded into excursions to national parks and monuments, as well as to other Utah tourist destinations. Sundance lent a creative and entertainment flare to the state that will be difficult to replace. It was also a springboard, particularly in its first decade, to assist aspiring screenwriters in Utah and the West. The governor and supporters such as Jazz and Utah Hockey Club owner Ryan Smith immediately floated the idea of another event or festival to replace Sundance, and that's an idea worth exploring, particularly with the 2034 Winter Olympics in Utah's future that will again bring the world here. Utah needs big ideas. Boulder now stands to benefit from some of the ancillary benefits of exposure, but the gains must be calculated against the costs of tax incentives that were put in place to attract the festival. Colorado is poised to provide the festival $34 million in tax credits for 10 years starting in 2027. Utah would have provided $6.6 million in yearly in-kind funding, and $5.5 million in cash. Now that money may be used elsewhere. This seems to be a common theme these days as states compete against each other, offering tax incentives to lure large businesses, sports teams and, now, a film festival. It's important, therefore, to note that the loss of Sundance is, by no means, the end of filmmaking associated with Utah. The state's magnificent scenery and accommodating nature will see to that. Acclaimed filmmaker Kevin Costner has developed an affinity for the state. He recently finished a $100 million film studio and soundstage in the desert near the St. George Regional Airport. He also recently completed filming 'Horizon: An American Saga — Chapter 2.' Last year, after finishing the first chapter of this proposed four-part epic, Costner told Variety, 'When you go through Utah, it's magic. And it wasn't easy for us to do. There were certain things that weren't set up that we see in other states. ... But I kind of bypassed the smart business decision to go where my money could stretch farther.' He said the production of that first chapter spent more than $100 million in Utah. 'We had an impact on the state, but the state had an impact on me,' he said. Costner told the St. George News that his new studio is 'just great for filmmakers; it's great for the people who want to enter that business living in Utah. I like the whole circle of how it can work.' We note, also, that Redford had nothing but kind words for the state his festival is leaving behind. 'Words cannot express the sincere gratitude I have for Park City, the state of Utah, and all those in the Utah community that have helped to build the organization,' he said on the Sundance website. The state should express similar gratitude to Redford for what he did to put the state on the map for movie producers and actors. Thankfully, that effort appears to now have momentum of its own.
USA Today
25-03-2025
- Business
- USA Today
What happens if the USPS does go private? Here's what you need to know
What happens if the USPS does go private? Here's what you need to know The United States Postal Service picks up, processes and delivers hundreds of millions of letters and packages every single day, operating as a backbone of a trillion-dollar mailing industry. But the USPS is operating at a loss and has been for a long time. Mail workers are protesting and raising alarms the privatization could save money now but severely impact underrepresented communities. But how would the privatization of the USPS impact customers? Here's what you need to know. More: Post office workers rally amid potential job cuts, privatization of postal service What type of agency is the USPS? The Postal Service was remodeled under the Postal Reorganization Act of 1970, moving from a cabinet department to an independent agency under the executive branch with a Board of Governors. The President can nominate members to the board but cannot direct operations. More: Accessing local journalism is even easier with the State Journal-Register app Rural towns unequally served Private companies are not held to the service obligations the USPS upholds, even at a loss. Private companies do not have to set a minimum level of service in all areas, making them more likely to deliver to areas with more people, more places, more profit. For rural areas which rely on the post office as their sole means for getting letters, medical prescriptions and equipment through the mail, that means prices may rise to reflect the more distance between deliveries, which cuts profit compared to urban settlements. According to free mail delivery from the post office dates back to the summer of 1902 and has made the post office a staple of these smaller communities to connect with the rest of the world. Rural areas may only be home to 16% of the United States population, but 57% of post offices are in rural areas, which compromise almost 88% of the area the USPS covers. Mail outgoing and incoming to rural regions will likely be delayed, or could completely cut service – since law requires the USPS to deliver to all addresses, not just ones that turn profit. More: Post office workers rally amid potential job cuts, privatization of postal service Does Donald Trump want to privatize the post? In the past, President Donald Trump has mulled over the idea of bringing the USPS under the wing of the Department of Commerce to save money, He brought up the idea again at the swearing-in ceremony for Secretary of Commerce Howard Lutnick on Feb. 24. 'It'll remain the Postal Service, and I think it'll operate a lot better than it has been over the years,' Trump said. 'It's been just a tremendous loser for this country." The Washington Post previously reported President Trump planned to disband the US Postal Service's Board of Governors and place the agency under direct control under Lutnik. The post also reported on the plan to dissolve the commission, citing government officials. The postal service is losing money By the end of 2024, the agency had around $8.1 billion under its name; predictions estimate the agency will lose $6.9 billion of it by the end of 2025. The loss comes from the fact the postal service can no longer borrow from the Treasury Department after hitting its $15 billion limit. The postal service currently funds itself without taxpayer dollars through the sale of postage stamps and products but warns that any changes could result in limited access, reduced services and increased costs. While online shopping has caused an uptick in usage, less letters are being sent likely due to the modern age of instant text messaging and emails. DOGE cuts On March 13, outgoing DeJoy negotiated with the Department of Government Efficiency, or DOGE, to cut 10,000 out of 640,000 postal service jobs, following President Donald Trump in February ruminating over bringing the postal service under the Department of Commerce. In a letter to congress, DeJoy said Elon Musk's agency would help usher a 'historic level of transformational change,' reducing costs by issues like retirement plans, worker comp costs, infrastructure of post offices and postage problems. DeJoy, who was appointed in 2020 by Trump is the mind behind the "Delivering for America" plan, announced his plan to leave the position on Feb. 19 to the Board of Governors after a tumultuous five years in power through covid. Under DeJoy, the post made $144 million in profit in the first quarter of 2025, compared to a loss of $2.1 billion the quarter in 2024. More: Hundreds of letter carriers rally in Illinois after postmaster general promises job cuts Claire Grant writes about business, growth and development and other news topics for The State Journal-Register. She can be reached at CLGrant@ and on X (Formerly known as Twitter): @Claire_Granted
