Why the lights have dimmed on LA's film industry

Hollywood is no longer the go-to place for shooting feature films and TV shows.

Just eight percent of big budget Hollywood films were made in LA in 2013, down from 65 percent in 1997. And from 2005 to 2013, California's share of one-hour TV series dropped from 64 percent to 28 percent.

Why the big exodus? States like Georgia, New York and Louisiana -- and countries like the UK and Canada -- are offering attractive tax subsidies to lure filmmakers.

California, by all accounts, hasn’t kept up. The state has a lot else going for it: local talent, sunny weather, and a support system, like caterers and electricians. But documentary filmmaker Deborah Rankin said it ultimately comes down to dollars and cents: “Especially as an independent filmmaker, it’s really, it’s hard. It’s hard raising the money, and you’ve gotta make it go as far as it can,” Rankin said.