Hollywood Faces Steep Decline Post-Strikes
Los Angeles, CA - Hollywood is experiencing a important downturn following teh resolution of the actors’ and writers’ strikes in 2023, marked by significant job losses and a sharp decrease in production, according to a recent report by the Wall Street Journal. The industry appears to be caught in a “descending spiral,” the newspaper states, with long-term consequences for the creative workforce in Los Angeles.
Data from the US Labor Statistics Office reveals a dramatic contraction in the Los Angeles County film industry workforce.At the close of last year, approximately 100,000 people were employed in the sector, a significant drop from the 142,000 recorded just two years prior.
Further illustrating the decline, figures from data firm Produro indicate a nearly 30% reduction in the number of films and series with budgets exceeding $40 million in 2024 compared to 2022.
The impact is being felt acutely by industry professionals. Pixie wespiser, a 62-year-old producer with 36 television series credits, shared with a media outlet, ”This is the first year since 1989 that I have not had a series to work on. I look around and I see so many people who are suffering seriously.”
Industry analysts attribute the crisis to a combination of factors. Lingering effects from pandemic-related production shutdowns continue to hamper recovery. simultaneously, a slowdown in the growth of streaming services and subsequent cuts in investment following the strikes are exacerbating the situation, leading to reduced output from the entertainment capital.
