Using MC 15.0.57 I tried a quick experiment, simplifying the expression to see if the conditions do what is expected.
This works:
If( IsEmpty([Year],1), EMPTY, not empty )
In my database, which has a mix of records with/without a Year field value, this expression in a column displays the appropriate text for each row, either "EMPTY" or "not empty". (I don't find any difference with/without the optional IsEmpty argument 1.)
So maybe the problem is with the two fields you are trying to display: ProductionYear and Year? I didn't try that because I don't have any records with a ProductionYear value.