Major studios, like actual physical studios, in actual LA are pretty much dead. Hell filming in LA is a dying breed as well. Hollywood has figured out that there are cheaper places to film than… Hollywood. That doesn’t mean that LA studios will ever die, however. For proof of this look at the fact that Paramount is about to spend $700 million dollars over 25 years to renovate their 56 acre studio in LA.
Good news for LA as it’ll bring a crap ton of jobs, but better news for film goers as it might trigger a new emphasis on quality from the historic film studio. The process is only in approval right now, but Paramount says they will be maintaining many historic buildings and simply updating them while also developing new structures across the studio’s lots.[via THR]