Beautiful Virgin Islands

Tuesday, Oct 15, 2024

Hollywood Faces Crisis After Strikes and Streaming Wars

Michael Fortin, once thriving in Hollywood's golden age of streaming, now faces homelessness due to industry struggles. The Hollywood boom ended with strikes in May 2023, causing production shutdowns and layoffs. Experts deem the streaming boom unsustainable, calling for new incentives to revive the industry.
Michael Fortin, once thriving in Hollywood's golden age of streaming as an actor and aerial cinematographer, now faces the threat of homelessness.

The Hollywood industry saw an unprecedented boom over the last decade, powered by competition among studios like Netflix and Hulu.

However, this came to a halt in May 2023 when Hollywood's writers went on strike, joined by actors for the first time since the 1960s.

The strikes have led to production shutdowns, project cancellations, and significant layoffs, including at Paramount.

Unemployment in the film and TV industry was at 12.5% in August 2023, but actual numbers could be higher.

According to ProdPro, US productions fell by 40% in Q2 2024 compared to Q2 2022, while global numbers dropped 20%.

Experts argue that the streaming boom was unsustainable, causing a content bubble that has now burst.

Los Angeles Mayor Karen Bass has created a task force to consider new incentives for film production to mitigate the slowdown's impact.

The entertainment sector contributes over $115 billion annually to the region’s economy and employs over 681,000 people.

Despite the downturn, industry insiders like Matthew Belloni and Duncan Crabtree-Ireland remain cautiously optimistic about Hollywood's future.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Four Killed in Tesla Electric Car Fire in France
Man with Weapons Arrested Near Trump Rally in California
How Ego and Pettiness are Sinking the UK Economy
China Conducts Military Drills Around Taiwan: A Strategic Warning
Tech Boosts Singapore’s Economy to 4.1% Growth in Q3
US Deploys THAAD Missile Defense System to Israel
DNA Evidence Suggests Christopher Columbus Was a Sephardic Jew
Rise in Self-Diagnosed ADHD Among Adults
Noel Tata Appointed Chairman of Tata Trusts Following Ratan Tata's Passing
Keir Starmer Reflects on His First 100 Days as Prime Minister
UK Investigates Firms for Alleged Russian Oil Sanctions Breaches
Keir Starmer's First 100 Days: Achievements and Challenges
Exposing Mohamed Al Fayed: A Personal Battle
Tesla's Robotaxi Design Strikes Controversy
Tragedy Strikes MSC Virtuosa Near Channel Islands
Scottish DJ Jackmaster Dies After Head Injury in Ibiza
Alex Salmond: A Political Life of Contrasts and Influence
Former Scottish First Minister Alex Salmond Dies
North Korea Accuses South Korea of Drone Leaflet Campaign
Poll Shows Trump Favored Over Harris in Handling Wars
Boeing to Reduce Workforce by 10% Amid Financial Strain
Prospect of UK Rejoining the EU Discussed by Peter Mandelson
UK Businesses Halt Hiring Due to Budget Speculations
Council of Nations Aims to Revitalize UK Power-Sharing
Starmer Criticizes Minister's P&O Ferries Boycott Call
BBC Initiates Review to Counteract Workplace Power Abuses
Key Insights from Post Office Chief Nick Read's Horizon IT Inquiry Testimony
Kemi Badenoch and Robert Jenrick: Perspectives in Tory Leadership Race
Cocaine Smuggling Operation in Banana Shipment Foiled by UK Authorities
Police Investigate 40 New Allegations Against Mohamed Al Fayed
Government Navigates Dispute Over DP World's £1bn London Port Expansion
Historic Floods Reshape Sahara Desert Landscape
Noel Tata Appointed Chairman of Tata Trusts
Brazilian Man Arrested for Decades-long Abuse and Imprisonment of Family
Nihon Hidankyo Wins Nobel Peace Prize
US Seeks Diplomatic Resolution in Lebanon Amid Rising Tensions
Donald Trump Amplifies Anti-Migrant Sentiments in Colorado Speech
Ireland Urges Israel to Cease Fire on UN Peacekeepers in Lebanon
Israel Marks Yom Kippur Under Multi-Front Conflict for First Time Since 1973
William and Kate's First Public Appearance Post-Chemotherapy
Trump Proposes Tariffs on Chinese Cars to Protect US Auto Industry
Heads of 9 post-Soviet states gather in Moscow, issue joint statement to the world
Viktor Orban expressed his view of the EU loud and clear, calling it 'a benign dictatorship at best, not a democracy.'
Controversy Over Metropolitan Police VIP Protection for Taylor Swift
Unilever Sells Russian Operations Amidst Activist Pressure
HSBC's Strategic Restructuring for Cost Savings
Sanjeev Gupta Faces Prosecution Over Missing Company Filings
Labour's Ambitious Employment Bill Aims for Worker Rights Reform
UK Maintains Non-negotiable Stance on Falklands and Gibraltar
Controversy Surrounds A75 Road Closures and 96-Mile Diversion
×